Inecobank, EBRD sign $17mln loan agreement

PanARMENIAN.Net - On October 20, the European Bank for Reconstruction and Development (EBRD) and Inecobank CJSC signed a $17mln loan agreement in Yerevan.

The agreement was signed by Executive Director of Inecobank Avetis Baloyan and EBRD Principal Banker Yelena Tonno.

Avetis Baloyan said that the bank has cooperated with EBRD for five years, achieving good results. “We attach great importance to our cooperation, as our positions have coincided for many years,” he said.

According to him, USD 11mln out of the provided USD 17mln will be directed for small and medium business development, as it is of strategic importance for the bank.

Referring to priority fields of SMB lending, Avetis Baloyan noted that export-oriented production is a priority field for the two parties.

He added that the other USD 6mln will be directed for large business financing, while Inecobank and EBRD will share equally the risks related to this sector lending.

Yelena Tonno noted for her part that the field of SMB is the most important one for Armenia’s economy development.

“Besides, we will assist the bank in the large business lending, helping in estimation of its risks,” she said.

Head of the EBRD's Office Armenia Valeriu Razlog noted that Inecobank actively works with corporate clients. “The agreement signed today will allow the bank to enlarge the base of large clients,” he said.