BELGIAN VDK SPAARBANK TO PROVIDE $3 MILLION TO ARMENIAN INECOBANK AS LOAN

ARKA
April 17, 2008

YEREVAN, April 17. /ARKA/. Belgian VDK Spaarbank is to provide
$3 million to Armenian Inecobank as loan for crediting small- and
mid-scale business.

Inecobank’s press office says the two banks signed the agreement on
March 28, 2008.

"This is the first investment by VDK Spaarbank in Armenian financial
market, which paves the way for mutually beneficial cooperation
between the two banks and will spur Inecobank’s development", the
press release says.

Inecobank closed joint stock company was registered on February 7
1996. In December 1997 the bank became the first bank in Armenia
extending credits for consumer goods.

Among the stockholders of Inecobank are ShoreCap International (13.5%)
and International Financial Corporation (10%). The bank is cooperating
with the EBRD, USAID, KfW, the Black Sea Trade and Development Bank
and other international organizations.

The bank’s assets totaled 35.8bln Drams as of December 31 2007 with
total capital being 6.8bln Drams.

The authorized stock of the bank is 2.4bln Drams, the credit portfolio
– 20.9bln Drams and the profit as of the end of 2007 – 1.1bln Drams.

Currently the bank has 4 branches. ($1- AMD 310.35).