Thu, 3 July
19.1 C
Yerevan
USD: 384.51 RUB: 4.89 EUR: 452.41 GEL: 141.37 GBP: 526.78

Inecobank signs $10 million loan agreement with OEEB to finance Armenia’s SME

YEREVAN, October 8. / ARKA /. Armenian Inecobank said today it has signed a five-year $10 million loan agreement with the Austrian Bank of Development (OeEB) for financing small and medium enterprises in Armenia.

“I am glad to note that the joint cooperation between Inecobank and OeEB has been supported by another loan agreement, which will expand Inecobank’s capacity for long-term financing of small and medium-sized enterprises,” said the executive director of the bank Avetis Baloyan.

Inecobank signed the first $10 million worth loan agreement with OeEB in 2011 for the development of small and medium-sized businesses in Armenia.

Andrea Hagman, a member of OeEB Board, was quoted as saying in a press release that the loan will help boost Armenia’s economic development.

Through effective collaboration between Inecobank and reputable international organizations and due to its customer-focused strategy the bank’s lending to SME in the first six months of this year increased by 12%, it said. According to ARKA data, Inecobank is the second bank by size of lending to SME among 21 local commercial banks.

OeEB was founded in March 2008 as the official development bank of the Republic of Austria. With a public mandate its works for better living conditions in developing countries.

Inecobank, founded in 1996, seeks to promote development of private sector through partnerships with micro, small and medium enterprises and private clients. Inecobank cooperates with more than 25 international financial institutions, including IFC, German DEG, EBRD, the Asian Development Bank.

In late June 2013 the bank’s assets stood at 105.3 billion drams, liabilities at 84.8 billion drams , the capital at 20.4 billion drams. Its outstanding credit portfolio stood at 78.7 billion drams. ($1 – 405.59 drams). -0-

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

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.

Citizens fallen victim to fraudsters in Armenia will have their interest rates reset to zero

The Armenian Ministry of Internal Affairs held intensive discussions with representatives of the office of Deputy Prime Minister Mher Grigoryan, the Investigative Committee, and the Central Bank to resolve the problem of citizens affected by cybercrime.

Armenia set to launch crypto market regulation: Central Bank presents main provisions of  law on crypto-assets

The Law on Crypto Assets is the main law that will kick-start the regulation of this area in Armenia, said Deputy Chairman of the Central Bank Armen Nurbekyan, presenting the draft law and a package of related laws at an extraordinary meeting of the parliamentary committee on financial, credit and budgetary issues.

LATEST NEWS

spot_imgspot_imgspot_img