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Central Bank of Armenia praises World Vision's microfinance institution
By Maria Sadoyan - Communications Officer, Armenia on 13 Nov 2007
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 organisation's new office in Yerevan.
"SEF was the first organisation 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 organisation 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 organisation, 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 (Area Development Programme) 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.
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