MISSION STATEMENT

The goal of the Institution is the management and execution of the following loan programs:

"Support to Small and Medium Enterprises" (GAF-MSME-KfW)
(financed by KfW)
"Development of Sustainable housing market" (GAF-HF-KfW)
(financed by KfW)
"Development of the Renewable Energies" (GAF-RE-KfW)
(financed by KfW)
"Access to finance for Small and Medium Enterprises" (WB-AFSME)
(financed by World Bank)
"Support to Small and Medium Enterprises" (GAF-MSME-Gov)
(financed by RA Government)
"Economy Stabilization Lending" (GAF-RF)
(financed by RA Government)
"Credit Guarantee Fund" (GAF-CGF)
(guaranteed by KfW)

The tasks and activities of the Institution

• Carrying out tenders among Armenian commercial banks and credit organizations, appraisal of applicants and selection of winning institutions (hereinafter referred to as PFIs) to be involved in the implementation of loan programs; submission of the results of selection and nominees for approval to the respective Supervisory Council and the Chairman of the Central Bank.

• Preparing of loan agreements to be signed in the framework of the Programs and presenting them to the Chairman of the Central Bank and Executives of the PFIs.

• Presenting of proposals to the Chairman of the Central bank basing on the applications from PFIs for loan disbursement in the framework of the Programs.

• Supervision over the PFIs’ fulfilling their obligations under signed loan agreements and compliance of banks’ activities with established lending technologies.

• Monitoring the progress of the Programs, collection and processing of data reported by PFIs, and presenting reports to KfW, the Central Bank and the Government of the Republic of Armenia in a due way and in due terms.

• Conducting of annual audits of loan disbursed by PFIs in the framework of the Programs and submitting of the results of audits to the respective Supervisory Councils and the Chairman of the Central Bank.

In order to achieve its goal and objectives, the Institution will cooperate with the Ministry of Finance and Economy of RA, the Ministry of Energy of RA, other state bodies, and structural departments of the Central Bank.

Supervision over the activities of the Institution

The internal audit of the Central Bank reviews the supervision over activities of the Institution in the way and within terms established by the Central Bank.

The annual results of the Institution are audited by an independent audit firm in compliance with International Financial Reporting Standards (IFCR). This can be done as part of the audit of the Central Bank.