YEREVAN, December 27./ARKA/. Armenian Inecobank and DWM Asset Management investment company, signed a loan agreement worth $8 million to finance micro, small and medium-sized businesses in Armenia, Inecobank told ARKA Monday.
Inecobank said it has been cooperating with DWM Asset Management since 2009 to contribute to the development of small and medium enterprises in Armenia. The deal was mediated by Symbiotics company with which Inecobank has also been cooperating for two years already to finance micro businesses.
“Inecobank appreciates the assistance of international organizations in boosting micro, small and medium enterprises in Armenia. The resources to be provided by DWM Asset Management will enable our clients to attract loans at more favorable terms,” Inecobank CEO, Avetis Baloyan, was quoted as saying in a bank’s press release.
Due to effective cooperation with international lending organizations, as well as to a simplified and flexible monetary policy Inecobank has seen a substantial increase in its SME loan portfolio. For example, its lending to micro and SME in the first 11 months of 2011 increased by 37% to 23.9 billion drams.
Inecobank actively collaborates with more than 20 international lending organizations. This year it has been provided with $50 million loans for on-lending to micro, small and medium businesses, as well as to boost trade financing.
Inecobank was founded in 1996 to promote the private sector in Armenia with the focus on micro, small and medium enterprises. According to the third quarter of 2011, its assets totaled 69.9 billion drams and capital to 13.2 billion drams. ($1-383.58 drams).-0-
