MICROCAPITAL BRIEF: FINCA Armenia Completes $7m Dual-currency Bond Issue

FINCA Armenia, a microfinance institution based in Yerevan, recently issued bonds worth USD 4 million and AMD 1.5 billion (USD 3 million) listed on the NASDAQ OMX Armenia stock exchange. The microlender provides business, rural and consumer loans as well as insurance services to 52,000 customers via 36 branches. It has total assets of USD 60 million and gross operating income of USD 10 million as of 2016. FINCA Armenia is an affiliate of the Foundation for International Community Assistance (FINCA International), a US-based network of microfinance institutions that serves approximately 2 million people in 23 countries. As of 2015, it reported total assets of USD 1.1 billion, with an operating loss of USD 2.8 million. It was founded in 1984 and has operated in Armenia since 1999.

By Sascha Strobl, Research Associate

Sources and Additional Resources:

PR Newswire:

FINCA Armenia:

FINCA International financial statement 2015:

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