Yerevan, October 17 /Mediamax/. “Inecobank” will receive from the European Bank of Reconstruction and Development (EBRD) a $5mln loan, which will be directed to financing SME and MSE sectors of Armenia.

As Mediamax was told today in the Marketing Department of “Inecobank’, the corresponding loan agreement was signed between “Inecobank” and EBDR on October 8.

Within the framework of the given program, “Inecobank” will provide micro loans of up to $20 thousands /or equivalent in AMD/ with the tenor of up to 2 years. The small and medium enterprises will be provided loans of up to $300 thousands /or equivalent in AMD/ with the tenor of up to 5 years.

Inecobank has been collaborating with EBRD since 2005 by participating in SME and Trade Facilitation Programs implemented by EBRD. This is the third Loan Agreement between EBRD and Inecobank by which the whole amount of EBRD funds provided to Inecobank will comprise $11mln. EBRD extended Inecobank a trade finance facility with the amount of up to $1mln in May 2007.