The General annual meeting of Union of Credit Organizations of RA (UCORA) took place at “Erebuni Plaza” business center on April 6.

Beside the member credit organizations of UCORA, representatives from non-member credit organizations, Office of the Financial System Mediator, Union of Banks of Armenia and other partner organizations were among the invitees.

At the opening of the annual meeting, the Chairman of UCORA Armen Gabrielyan welcomed all the participants. He thanked all members of Union for productive joint work, owing to which a number of problems in the sector were raised and resolved. He also presented to the guests the results of the elections of the Union chairman the previous month, according to which Luiza Igraryan was elected as the new chairman of the Union.

The newly elected chairman mentioned in her speech that UCORA had already created strong basis and obtained values that should be preserved and developed further. She assured that large-scale works will be continued and the voice of credit organizations will become more unified and strong.

The executive director of the Union Narine Terzyan presented the works that had been done by the Union during 2015, as well as shared the plans for the current year. She mentioned that the Union actively works with the Central Bank and other State agencies, as a result of which many suggestions raised by the members had been reflected in legislative reforms on financial sector. The results of cooperation with local and international organizations were also presented, which lead to implementation of programs towards responsible finance and financial inclusion, as well as training courses to increase the qualification of member organizations’ specialists.

UCORA was founded in 2008 with the purpose of fostering the development of financial system of Armenia through more efficient and overall use of the potential of credit organizations. Currently, UCORA has 12 member credit organizations.

The main goal of the Union of Credit Organizations of the Republic of Armenia is to represent and promote general interests and challenges of its members in the Central Bank of Armenia, Government of Armenia and other state and non-state bodies, as well as international organizations. The Union cooperates with a number of local and international organizations, and is a member of SEEP Network and Social Performance Task Force.