Tue, 8 July
26.1 C
Yerevan
USD: 384.11 RUB: 4.88 EUR: 450.45 GEL: 141.38 GBP: 522.39

Inecobank signs $8 million loan agreement with DWM Asset Management to boost SME

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-

spot_img

POPULAR

Inflation of 3.9% registered in Armenia in June

In the consumer market of Armenia, 12-month inflation in June of this year amounted to 3.9%, according to the report of the National Statistical Committee (NSC) of Armenia.

Moody’s affirms Armenian government ratings at Ba3 with stable outlook

On June 26, 2025, Moody's affirmed the long-term issuer ratings in national and foreign currencies and senior unsecured debt in foreign currency of the Armenian government at Ba3, maintaining the stable outlook, the press service of the Ministry of Finance of Armenia reported.

Top 10 banks of Armenia by loan portfolio for 1st H 2020

ARKA News Agency has singled out ten banks for their big loan portfolios as of June 30, 2020

Net inflow of remittances to Armenia from abroad increased by 13.9% over 5 months

The net inflow of private remittances in Armenia from abroad sent through the  banks in January-May 2025 amounted to $511.7 million, compared to $449.4 million in January-May 2024, according to a report by the Central Bank.

Ranking of Armenia’s most profitable banks in 2024

ARKA news agency has released a ranking of the most profitable commercial banks in Armenia in 2024.

LATEST NEWS

spot_imgspot_imgspot_img