EBRD TO PROVIDE 5 MILLION-DOLLAR LOAN TO INECOBANK FOR SME FINANCING

Noyan Tapan
Dec 04 2006

YEREVAN, DECEMBER 4, NOYAN TAPAN. The European Bank for Reconstruction
and Development (EBRD) will provide a 5 million dollar-loan to
Inecobank for financing Armenian Small and Medium Entrepreneurship
(SME). NT was informed from EBRD that the bank will also increase by 1
million USD the technical assistance provided to Inecobank under the
Trade Financing Program, which is being implemented with the USAID
by the jointly established Multilateral Donor Financing Fund. These
resources will be used to develop the crediting procedure and skills
at Inecobank. Inecobank and EBRD has cooperated since 2005 when the
Armenian bank received its first loan of 1 million USD from EBRD
with the aim of extending the capacities of servicing small and
medium enterprises.