Yerevan, August 7 /Mediamax/. Inecobank will get $7 mln from German DEG investment corporation for the expansion of financing of small and medium business subjects and the mortgage market.

The corresponding credit agreement was signed in the second half of July in Cologne, Mediamax was told in the marketing department of Inecobank CJSC.

As the head of Inecobank CJSC board, Avetis Baloyan, said “this is an important step for the further development of the bank and the beginning of a long-term and mutually advantageous cooperation with DEG”.

DEG president Winfried Polte pointed out that the realization of the programme will contribute to the opening of new working places “as one of the Inecobank’s strategic directions is the financing of small and medium enterprises”.

DEG company is a member of KfW bank group, it has more than 40 years’ experience in the sphere of financing and investment of private enterprises in the countries with emerging markets.