Finca UCO received a USD 3 million loan in Armenian dram in July, 2015 as part of the November 2014 agreement with IFC, a member of the World Bank Group.

“The loan will enable Finca to stay true to its mission of poverty reduction by creating jobs, helping underserved families grow, and improving quality of life through the financial services provided by its vast branch network,” reads the press release disseminated by Finca.

IFC provided its first local currency loan to Finca UCO in 2013, enabling the microfinance institution to finance as many as 3,000 clients, up to 40 percent of who were women entrepreneurs.

In addition to this transaction, IFC and Finca UCO have been cooperating in the derivatives market. During the first quarter of 2015, the duo executed two swap transactions in the scope of the International Swaps and Derivatives Association (ISDA) Master Agreement, to ensure access to local currency.

As of late July, 2015, Finca’s portfolio reached USD 56.6 million and 51,000 active clients in Armenia.