Citi, OPIC and ACBA Credit Agricole Bank Support the Growth of the Microfinance Sector in Armenia
June 24, 2014
(OPIC)
New York – Citi and the Overseas Private Investment Corporation (OPIC) today
announced a $10 million lending facility, using their existing framework
partnership, to support the growth of ACBA Credit Agricole Bank’s agribusiness
microfinance portfolio in the Republic of Armenia. The arrangement includes a
new $5 million lending facility and the extension of a separate $5 million
lending facility first announced in 2012. The financing partnership will promote
the financial inclusion of Armenia’s micro-entrepreneurs, small businesses, and
agriculture sector, and is part of Citi and OPIC’s collaboration to support
microfinance lending in emerging markets around the world.
Through the successful partnership with OPIC, to date Citi has been able provide
$381 million to fund 42 microfinance institutions in 22 countries, having a
direct outreach to more than one million borrowers, approximately 92 percent of
whom are women. Citi’s strong commitment to promote financial inclusion through
innovation, thought leadership, and building the financial capability of clients
is very well recognized. Citi’s partnership with OPIC to develop new
distribution models to access micro entrepreneurs in developing markets was
awarded the top prize in the International Award category at the Business in the
Community’s Awards for Excellence 2012.
“Expanding access is at the heart of Citi’s inclusive finance work, and we are
pleased to continue our impactful partnership with OPIC to broaden financial
inclusion, promote economic empowerment and fuel sustainable growth for
Armenia’s agribusiness sector,” said Bob Annibale, Global Director of Citi
Community Development and Microfinance. “Access to safe and affordable capital
is essential in helping small businesses and agri-producers establish themselves
and create sustainable livelihoods.”
“In recent years, OPIC’s partnership with Citi has enabled OPIC to advance its
work supporting development around the world by helping expand Citi’s private
lending in emerging markets,” said Elizabeth Littlefield, OPIC’s President and
CEO. “This new lending facility to spur growth in the Armenian agribusiness
sector is another important product of this partnership that mobilizes private
capital for public good.”
“We highly appreciate our growing cooperation with Citi and OPIC in the field of
microfinance and especially rural finance in our country”, said Hakob
Andreasyan, CEO of ACBA-Credit Agricole Bank. “This cooperation enhances our
lending capabilities to primary agribusiness clients which is vital for
development of rural areas of Armenia. Small agricultural farms are very
sensitive to economic and climate risks, and we are proud to continuously
increase their access to financing”.
Working across Citi’s businesses, product groups and geographies, Citi
Microfinance serves more than 150 microfinance institutions, networks and
investors as clients and partners in 50 countries, with products and services
spanning the financial spectrum – from financing, access to capital markets,
transaction services and hedging foreign exchange risk, to credit, savings,
remittances and insurance products - to expand access to financial services for
the underserved. For more information, visit www.citi.com/citi/microfinance.
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