Finca Armenia and Bank im Bistum Essen eG (BIB) gave a start to a new partnership in August 2015 to further support small and medium enterprises in Armenia and by that create equal opportunities and favorable conditions for underfinanced entrepreneurs particularly in the rural areas of Armenia.

Within this partnership, Finca Armenia has received the first tranche of the loan amounting to USD 2 million, while the remaining portion of USD 1 million is expected in September.

“We are honored to be one of the first non-bank institutions in Armenia to foster cooperation with BIB,” noted Finca UCO General Director Hrachya Tokhmakhyan.

“This is a good start and I am confident that our partnership will become stronger over the years, allowing us to direct our joint efforts to making a difference in the lives of thousands of low-income families”, he added.

BIB is a German cooperative Bank and a financial service provider for churches, social organizations, foundations, relief organizations and anyone who shares their vision for a fair and peaceful world.