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World Bank building

MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

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Explore different types of political risk insurance guarantees provided to investors and lenders.

Hyundai building

Explore global projects that support economic growth, reduce poverty and improves people’s lives.

Hands husking peas into a basket full of peas

Learn about the progress MIGA is making in its mission to support economic growth, reduce poverty and improve people’s lives.

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About Dropdown Description

World Bank building

MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

Our Impact Dropdown Description

Hands husking peas into a basket full of peas

Learn about the progress MIGA is making in its mission to support economic growth, reduce poverty and improve people’s lives.

Our Products Dropdown Description

Young woman bending down to tending to her outside chores

Explore different types of political risk insurance guarantees provided to investors and lenders.

Projects Dropdown Descriptions

Hyundai building

Explore global projects that support economic growth, reduce poverty and improves people’s lives.

Armenia

International Commercial Black Sea Bank (Armenia) S.A.

$2.7 million
Banking
Project Brief
Not Active
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In its first project in Armenia, MIGA issued a guarantee totaling $2.7 million in coverage to the Commercial Bank of Greece S.A. (CBG) for its equity investment in the establishment of a subsidiary branch, International Commercial Black Sea Bank (Armenia) S.A. (ICBSB) in Yerevan, the capital of Armenia. The MIGA guarantee will cover the investment against the risks of transfer restriction, expropriation, and war and civil disturbance.

ICBSB is a wholly-owned subsidiary of CBG and will operate as a wholesale bank, focusing its activities in the areas of project finance, trade finance, advisory work, and privatization of local companies. The objective of the investment is to introduce a package of competitively priced financial services in Armenia. The clients targeted for these services are domestic mid-sized corporate and retail firms. The project will have significant developmental benefits as it will increase the availability of medium- and long-term capital and other financial services to enterprises engaged in the production of foods and services in Armenia. The ICBSB investment is in consonance with the government's economic reform program and will contribute to the development of a sound financial sector.

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