YEREVAN, March 4, /ARKA/. BlueOrchard Finance SA international organization will provide Armenian Inecobank with a $5 million loan for on-lending to micro and small companies, Inecobank said today in a statement, saying also the loan agreement was signed today. The loan will be provided to the Armenian bank in the national currency, the dram that will allow it to avoid currency related risks.
Avetis Baloyan, Inecobank executive director, was quoted as saying that BlueOrchard Finance SA had provided Inecobank last year with $7.5 million loan resources and the signing of another agreement is the result of productive and purposeful actions and will cement the cooperation with a reliable partner.
Inecobank plans to expand its cooperation with international organizations this year and will implement new projects to increase lending to Armenian micro and small businesses and renewable energy sector. The bank is a partner of over 20 international organizations offering its clients a wide spectrum of services. In 2010 Inecobank signed eight new loan agreements to attract fresh resources worth $29 million.
Inecobank was founded in 1996 and is one of the top ten Armenian banks. Its assets stood at 58.8 billion Drams as of December 31, 2010, the capital reached 12.8 billion Drams. The International Financial Corporation owns 10% of the bank, DEG, a member of KfW, owns 13.5%.
BlueOrchard Finance SA is an international organization offering lending to micro and small businesses. -0-
