FINCA UCO CJSC is providing loans to micro, small, and medium enterprises, bringing to fruition a July 2013 partnership with IFC, a member of the World Bank Group. FINCA is the first financial institution in Armenia to receive a local currency loan from IFC.
According to FINCA UCO CEO Hrachya Tokhmakhyan, IFC’s local currency loan of $4 million supports FINCA UCO CJSC’s mission to provide loans to smaller businesses through its 27 branches operating across Armenia, thus helping to create jobs, build assets and improve standard of living.
FINCA UCO CJSC, a subsidiary of FINCA Microfinance Holding Company owned and managed by FINCA International, with headquarters in Washington, DC, operates in Armenia since 1999. IFC is an anchor investor in FINCA Microfinance Holding Company. FINCA Int. serves over one and a half million people through its subsidiaries in 22 countries of Africa, Eurasia, the Middle East and South Asia and Latin America. In Armenia, FINCA’s portfolio reached $58.2 million USD and 53,474 active clients by the end of December 2013.