Armbusinessbank and Savings Banks Fund for International Cooperation (SBFIC) have signed a Memorandum of Understanding to promote the development of effective lending in Armenia.

The bank informs that the Memorandum was signed within the frames of Responsible Funding in the Caucasus program.

This cooperation program is aimed at increasing the financial literacy of consumers, protecting their interests and strengthening the institution’s potential in other sectors.

This project is also directed at reducing the poverty level especially in rural areas of the countries, included in the program. In addition, the program aims to improve lending technology to prevent multiple lending and to reduce credit risk.

Under this Memorandum, foreign specialists will organize training courses for the employees of Armbusinessbank.

“Realizing the importance of the principles of corporate social responsibility, as well as raising the level of financial literacy of its employees and customers, Armbusinessbank has always attached great importance to the implementation of such initiatives, and with the sense of great responsibility participates in programs for effective lending in Armenia, increasing the level of accessibility for the client and similar programs for reducing poverty in the country,” the press release reads.