USAID TRAINS BANKERS ON LENDING TO SMALL AND MEDIUM ENTERPRISES

The USAID-funded Financial Sector Deepening Project (FSDP) organized a four-day course on Advanced Principles of Small and Medium Enterprise (SME) Lending on June 22-25, 2009. About 50 specialists from banks and credit organizations involved in SME lending attended the training, which focused on enhancing their professional skills and knowledge, expanding lending opportunities and increasing profitability by offering other banking services to SMEs. Read more…





USAID FSDP Organized Round-Table Discussion on “SME Financing Current Situation, Challenges and Opportunities”

On June 10th the USAID Financial Sector Deepening Project (FSDP), in cooperation with the Union of Banks of Armenia (UBA), organized a round-table discussion entitled “SME Financing Current Situation, Challenges and Opportunities” which took place at Erebuni Plaza Business Center.
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Please download the round-table follow up report here…








USAID and Central Bank of Armenia Honor Actuarial Graduates

On April 30, 2009, the first 12 successful Basic Course graduates of the joint USAID-UK Actuarial Profession (UKAP) Actuarial Training program were presented with certificates by USAID and the Central Bank of Armenia (CBA) in a ceremony held at the Armenia Marriott Hotel in Yerevan. Attendees at the event included USAID representatives, government officials, as well as representatives from CBA, insurance industry and Yerevan State University.
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BANKING SECTOR IS SEEKING TO IMPROVE PR

Recognizing the need for broader public understanding and participation in the commercial banking sector, the USAID Financial Sector Deepening Project (FSDP) recently conducted a four-day capacity building seminar for public relations officers from the local banking sector. Twenty-seven marketing and public relations officers, along with representatives from the Central Bank of Armenia and Union of Banks of Armenia, attended this PR skills building activity, the first of its kind for banks in Armenia. (Read more…)


USAID Financial sector Deepening Project and RA Ministry of Finance Signed a Letter of Intent on IFRS
On December 19, the USAID Financial Sector Deepening Project (FSDP), implemented by Emerging Markets Groups Ltd. and Ministry of Finance of RA have signed the Letter of Intent (LOI), the purpose of which is to detail the terms of mutual cooperation and collaboration with regard to the official translation of International Financial Reporting Standards (IFRS) into Armenian and their national adoption. Persuant to the LOI, translation of IFRS shall be officially approved by the International Accounting Standards Board (IASB) securing the national adoption by the Government of RA, thus requiring the use of these accounting principles by certain legal entities within Armenia.
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FSDP Presented the Outcomes of Corporate Governance Assessment Report
(Study and Assessment of Corporate Governance Practices in Armenian Banks – Outcomes)
YEREVAN, ARMENIA – On December 16, the USAID Financial Sector Deepening Project (FSDP) presented the findings of the Assessment of Corporate Governance (CG) Practices in Armenian Banks which was conducted by FSDP experts on CG in 2007-2008. Deputy President of the Central Bank of Armenia, Chairmen of Armenian banks, as well as IMF, WB, UNDP and other international organizations’ representatives attended the event, which took place in Armenia Marriott Hotel in Yerevan.
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USAID FINANCIAL PROJECT PRESENTS FINDINGS OF ITS RECENT ASSESSMENT

YEREVAN, ARMENIA – On December 10, the USAID Financial Sector Deepening Project (FSDP) presented the findings of the Training Needs Assessment, conducted by FSDP and VGM Partners in 2007-2008. Deputy President of the Central Bank of Armenia, presidents of Armenia banks, as well as IMF and WB representatives attended the event, which took place in Armenia Marriott Hotel in Yerevan.

The FSDP Training Need Assessment Report aims to provide a knowledge base to improve the professional education and training for regulators, private sector participants, and institutional organizations that are part of the Armenian financial market industry. The report is based on surveys conducted among financial institutions (demand side), training centers/educational organizations (supply side), as well as in-depth interviews with training service providers and financial market experts.
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Presentation on the Study and Assessment of Corporate Governance Practices in Armenian Banks

On 18 November, 2008 FSDP conducted a presentation at the CBA on the outcomes of the Study on Bank-wide Corporate Governance Practices of Armenian Banks. From the CBA side the Presentation was attended by Artur Javadyan, Chairman and a number of key CBA personnel. Haikanush Bagratunyan, USAID CTO; Martin Dinning FSDP COP; John Fitzgerald, Banking Advisor, Vahe Dalyan, Intermediation Team Leader and Alisa Ayvazyan, PR specialist from FSDP were also present at the presentation. The presentation was made by Narine Melikyan, FSDP Corporate Governance expert.

Attendees were provided with hard copies of the Study report. The presentation described key objectives of the Study; activities initiated and implemented to achieve the target objectives; the degree of compliance of the RA Legislation regulating the CG relations with the OECD and BCBS principles; assessment of the current CG practices of Armenian banks based on OECD and BCBS principles and the basic requirements of Banks for improved CG practices were presented as a result of the Study. The presentation also showed the position of banks in relation to Corporate Governance and the activities banks are proposing to implement for the purpose of improving their CG practices. Banks have emphasized the importance of adopting a CG Code for Banks; developing a CG Guide, as well as arranging special-purpose workshops and training. Furthermore, the Presentation outlined the main areas of cooperation between the banks and the FSDP towards improved CG practices.

The final part of the Presentation was conducted in a Q&A format.

FSDP will be making a presentation about the study and assessment of banking industry-wide CG practices to leaders of the banking and financial services industry including the CBA; banks; Union of Banks of Armenia, and other relevant organizations on December 15th 2008.


Second All-Russian Forum in Moscow on the Role and Position of the Corporate Secretary in Modern Companies

National Council of Corporate Governance and Magazine “Joint Stock Company: Corporate Governance Issues” organized an all-Russian forum on the Role and Position of the Corporate Secretary in Modern Companies on 12-13 November in Moscow. The Forum was attended by representatives of more than 100 organizations, including Armenian. Participation of Armenian organizations, namely the USAID Financial Sector Deepening Project, Union of Banks of Armenia, CBA and ArmSwissBank, was sponsored by the USAID.

Speakers of the forum included representatives of state, public and private sector organizations of Russia who addressed issues related with the role and significance of Corporate Governance in economic growth of the country given the prevailing crisis situation, as well as possible amendments in the legal framework and development trends, judicial practices connected with Corporate Governance relations and precedents, assessment methodology of CG practices in Russian banks, etc. Corporate Secretaries of a number of private companies spoke on the forum about their experience, challenges, achievements and success stories.

Discussions were held on the following issues:

• Role of the Corporate Secretary in improvement of the company’s CG practices;
• Functional responsibilities and appointment of the Corporate Secretary;
• Balance between the Corporate Secretary’s functional responsibilities and motivation;
• Control and assessment of the Corporate Secretary’s work: Who and How;
• Problems Corporate Secretaries face in an environment of corporate conflicts.

High level specialists presented the following topics in a round-table format:

• Board of Directors of joint stock companies;
• The Corporate Secretary against hostility and corporate blackmail;
• Corporate Secretaries and information policy of the company;
• Psychological aspects of activities of the Corporate Secretary and ways of enhanced role in the company.

Summarizing the key topics of the forum Corporate Secretary may be viewed as an effective mechanism facilitating efficient cooperation between the shareholders, board of directors and executive body. A Corporate Secretary acts as a guarantor of implementation of the procedural requirements issued by the management bodies and officials thus ensuring protection of rights and legal interests of stakeholders.

FSDP highlights the importance of introducing the Corporate Secretary’s position in Armenian banks and plans organizing a workshop entitled “Corporate Secretary: International Experience and Armenian Reality”.


Basic Actuarial Training course starting soon!

Applications for admission into the Basic Training course, starting in February 2009, are now being accepted.

Applications must be received by 14 November 2008; however, because the number of students who may be accepted is limited, applicants are encouraged to apply as soon as possible.

Click here for Information
Click here for an Application Form