SLGP EC Converse

pending

 The proposed investment consists of an unfunded risk sharing facility (RSF) with Converse Bank for a portfolio of loans to small and medium enterprises (SMEs) in the amount of up to US$10 million in Armenia, where IFC’s risk participation will be up to US$5 million, or 50% of the aforementioned SME loan portfolio (the Project).The Project will be processed under IFC’s Small Loans Guarantee Program (the Program), a programmatic approach to derisk and scale up financing for SMEs in Armenia and other eligible countries. The Program will benefit from a pooled first loss guarantee provided by the European Commission (“EC”) via European Fund for Sustainable Development (the EFSD) and the IDA IFC-MIGA Private Sector Window’s Blended Finance Facility (“IDA PSW-BFF”) (“SLGP EC/PSW”), which will help enable the Bank lending to the underserved SMEs in Armenia and at rates that are affordable.