Yerevan/Mediamax/. IFC and the Union of Banks of Armenia (UBA) signed a cooperation agreement today to train employees of financial institutions in risk management and banking for small and medium enterprises. A series of trainings will share international practice in those areas with staff of financial institutions.

“We welcome the opportunity to partner with IFC to help promote international experience and knowledge to the banking sector of Armenia,” said Ashot Osipyan, President of the Union of Banks of Armenia.

"This initiative is part of the IFC Banking Advisory Program in Europe and Central Asia, designed to support financial institutions in their recovery from the global economic crisis and supporting long-term sustainable economic development in the region. IFC is implementing the project in Armenia in partnership with the Development Bank of Austria (OeEB)", Thomas Lubeck, IFC Regional Manager for the South Caucasus, noted in his turn.