COAF Holds Informational Conference on Micro Lending for Rural Areas of the Republic of Armenia

Karakert, Armavir District, Republic of Armenia, January 30, 2007 — Today the Children of Armenia Fund (COAF) held a conference in the village of Karakert to provide information on different micro loan packages available to villagers of its Model Cluster — Argina, Dalarik, Karakert, Lernagog, Myasnikyan, and Shenik.  Launched in February 2006, COAF’s Model Cluster Project is stepping into its second year and will more intensely focus on activities geared to revitalize the economy of the its villages. On a broader scale, COAF’s comprehensive rural development program also includes infrastructure rehabilitation, healthcare, social and educational components.

Today’s conference was very helpful as it provided rural micro, small and medium-size businesses and young entrepreneurs with detailed information on a wide range of loan packages that the participating micro lenders have to offer.  Many of the residents attending today’s conference were enthusiastic to be given the opportunity to start their own business with an eye to increasing their families’ income and contributing to the overall economic revival of the community. 

COAF had conducted a preliminary assessment of the micro lending market in Armenia and had invited five prominent lenders to participate in today’s event.  The selection was based on the type of loan packages and rate of interest each lender offers, presence in COAF’s Model Cluster, and appeal to village communities.  Making presentations on behalf of micro lenders were Mr. Simon Tovmasyan of Aregak Universal Lending Company, Mr. Harutyun Poghosyan of ACBA Credit Agricole Bank, Mr. Arsen Bazikyan of ACBA Leasing, Mr. Karen Hakobyan of ECLOF-Armenia and Mr. Gagik Vardanyan of Kamurj Charitable Foundation for Micro Business Development.  Each presenter provided detailed information on the loan application process and applicable terms and requirements. 

The conference concluded with a question-&-answer period and Dr. Garo Armen’s closing remarks.  COAF’s founder and chairman emphasized the criticality of economic growth for the revitalization of the Model Cluster villages and encouraged the conference participants to take “smart” risks in starting or growing their businesses.

CONTACTS: Sunny Uberoi, (212) 994-8206; or e-mail info@coafkids.org