USAID FINANCIAL PROJECT ASSISTANCE TO ACRA ACKNOWLEDGED IN A CEREMONY
Print
E-mail
09/09/2009
Yerevan, Armenia - On September 9, 2009, the USAID Financial Sector Deepening Project (FSDP) and the Armenian Credit Reporting Agency (ACRA) held a ceremony in Erebuni Plaza Hotel in Yerevan to mark the completion of FSDP’s assistance to the Agency. Attendees to the ceremony included Arthur Javadian, Chairman of the Central Bank of Armenia (CBA), John Seong, USAID/Armenia Acting Mission Director, Artak Arzoyan, ACRA CEO, as well as representatives from USAID, the World Bank, the International Monetary Fund (IMF) and other organizations.
Established in January 2004, ACRA is the first, and to date, the only credit bureau in Armenia. ACRA’s role is crucial for Armenia’s banking and financial sector development by providing reliable information on the credit-worthiness of borrowers, which helps minimize credit risks and the cost of loans, thereby facilitating SME lending.
FSDP assistance to ACRA has included purchase of new hardware, rewriting of parts of ACRA’s original software system to better handle the increased workload, and development of new software to deliver newly mandated and planned services.
ACRA’s growth and success has accelerated over the last two years, as the Agency’s reporting system has grown to cover more than 855,688 debtors and more banks and non-bank financial institutions become familiar with its services and the benefits it offers.
