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Development Credit

Through the Development Credit Authority (DCA), a worldwide credit initiative, USAID has the ability to mobilize private capital through the use of partial guarantees to stimulate investment in targeted sectors of the economy.

Credit guarantees have been used by USAID/Armenia for this purpose since 2003 to stimulate lending in the SME and agricultural sectors (with a focus on women-owned and managed rural enterprises) to promote export finance and to stimulate the development of capital markets through the issuance of commercial paper and bonds. More recently, USAID/Armenia expanded its outreach, offering partial guarantees to a mortgage company and a microfinance institution. The guarantees were crafted to assist these entities in attracting private financing to expand their lending activities.


The Portable DCA Guarantee (implemented by General Financial and Credit Company Universal Credit Organization) facilitates a debt financing for on-lending to micro, small and medium enterprises (MSME), with a special focus on women-owned or managed microenterprises, and those located outside the capital Yerevan and in rural areas.

Last updated: August 10, 2015

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