Reuters AlertNet Lite - Central Bank of Armenia praises World Vision's Microfinance Institution

Reuters AlertNet Full site

FROM THE FIELD

Central Bank of Armenia praises World Vision's Microfinance Institution

12 Nov 2007 12:59:45 GMT
Source: World Vision Middle East/Eastern Europe office (MEERO)

Previous | Next

The Head of Armenia's Central Bank praises SEF International at the opening ceremony of SEFs new office in Yerevan.
World Vision MEERO, http://meero.worldvision.org

SEF International, a World Vision funded and owned microfinance institution, was highly commended by the Chairman of Central Bank of Armenia, Tigran Sarkissian, during the opening ceremony of the organization's new office in Yerevan.

'SEF was the first organization to adopt the requirements of the Central Bank, thus becoming the 'flag-bearer' of reforms in the sphere of micro-financing', Mr. Sarkissian said.

SEF International was registered in 1998 and in 2003 became the first microfinance institution licensed by the Central Bank of Armenia as a Universal Credit Organisation. For the decade of its activity, SEF International has provided some 15,000 credits worth US $22 million. The organization plans to enlarge its annual credit portfolio to US $5 million, ensuring 50% growth compared to 2006.

'SEF is constantly improving its services and widening our range of products to meet clients' requirements', said Mark Kelly, World Vision Armenia Country Director. He said SEF International's mission is to be a reliable and professional credit organization, thus helping families to sustain their businesses and be able to provide for a better future for their children.

Besides the head office in Yerevan, SEF also has three representative offices in three ADP regions, and two branches in Sisian and Kapan. Target clients of SEF International are those small entrepreneurs and farmers who need credits and financial consultations to develop their businesses, as well as individuals who need financial resources to cover family emergency expenses. By providing loans through its branches, SEF International promotes entrepreneurship, agriculture development and new jobs. Thanks to SEF International, 14,000 jobs have been created and sustained so far.

In 2005 and 2006 SEF International received Financial Transparency Awards of World Bank's Consultative Group to Assist the Poor (CGAP) that confirms institution's compliance with international requirements for transparency of financial operations and reliability of its financial reports.

[ Any views expressed in this article are those of the writer and not of Reuters. ]

Email this article Send comments

Topics

• Children

MORE >>

Members

• World Vision Middle East/Eastern Europe office (MEERO)

MORE >>

NGO latest

• MAP International, sanofi pasteur Save Lives in Chad and Darfur Conflicts
MAP International - USA

• Study Finds 37.4% HIV Prevalence Among Street Youth in Russia
DOW

• Young Lebanese filmmakers in human rights film festival
WV MEERO - Cyprus

• Earthquake Relief Programme Successfully Concludes in Pakistan
Medair - Switzerland

• Central Bank of Armenia praises World Vision's Microfinance Institution
WV MEERO - Cyprus

MORE >>

Latest news

• Steady rise in cereal prices continues to erode household food security

• Congo militia head Lubanga faces first ICC trial

• Egypt: Allow Citizens to List Actual Religion on ID Cards

• Coalition kills 15 Afghan rebels, 3 civilians

• DRC-RWANDA: Former child soldiers prepare to go home

MORE >>

Last updated:Mon Nov 12 21:58:25 2007