  Inecobank to receive USD 10mln from BlueOrchard Finance for microfinancing December 28, 2010 - 17:39 AMT PanARMENIAN.Net - BlueOrchard Finance SA, a global leader in commercial microfinance investments, recently announced that it has executed debt investments totaling USD 10,000,000 in Armenia to Inecobank CJSC. Inecobank, established in 1996 and focused on Micro-, Small- and Medium-size Enterprises, has received the loans from the Dexia Micro-Credit Fund (“DMCF”), one of eight funds managed by BlueOrchard Finance. “We are thrilled to reinforce our commitment to the Caucasus by financing Inecobank, an institution that has been successfully serving micro-entrepreneurs in Armenia for over a decade,” said Jean-Pierre Klumpp, CEO of BlueOrchard Finance. “Microfinancing is one of the strategic directions for Inecobank and we are glad to start cooperation with Blue Orchard, a leading microfinance institution investing worldwide. In 2010 we launched a number of microfinance development projects and financed more than 1,600 micro businesses,” said Avetis Baloyan, the CEO of Inecobank.   Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.   Partner news |  Latest news Court in Azerbaijan extends former Karabakh leader’s arrest by 5 months  The Binagadi District Court in Azerbaijan has granted the prosecutor’s petition to extend the arrest of Arkady Ghukasyan.Ucom General Director joins High-Tech Development Panel Discussion The discussion was titled "The Role of International Corporations and Investors as Catalysts for Development of High-Tech Ecosystem."U.S. still believes “peace is possible” between Armenia, Azerbaijan The United States continues to believe that peace is possible between Armenia and Azerbaijan, Vedant Patel says.Dozens detained as antigovernment protest continue in Armenia At least 63 people demanding Prime Minister Nikol Pashinyan’s resignation were detained on May 14 as they blocked streets in Yerevan. |
