Inecobank received a USD 12m from responsAbility Investments AG sub-funds on September 14.

The bank informed that the loan will be used to finance micro enterprises, facilitating economic growth and new jobs.

With this transaction the overall exposure of responsAbility funds with Inecobank equaled to more than USD 30m, which shows the “highly efficient long-term cooperation” between the two organizations.

“We are pleased to strengthen long-standing and stable relationship between our institutions aimed at creating better value propositions for our clients,” said Garnik Tadevosyan, Acting CEO of Inecobank.

The bank also noted that responsAbility Investments AG is one of the world’s leading asset managers in the field of development investments, which offers professionally-managed investment solutions to both private and institutional investors. The company supplies debt and equity financing to non-listed firms in emerging economies and developing countries, enabling the firms to meet the basic needs of broad sections of the population and to drive economic development, which leads to greater prosperity in the long term.

Established in 1996, Inecobank CJSC is one of the leading banks in Armenia. The bank’s goal is to become a premier provider of banking services to retail, micro and SME clients in the developing countries. Inecobank works with almost 30 IFI partners, including 3 equity investors (IFC, DEG, and EBRD), as well as senior lenders such as ADB, FMO, BSTDB, EFSE, OeEB, OFID. Inecobank cooperates with responsAbility Investments AG since 2007.