Armeconombank and funds managed and advised by INCOFIN Investment Management have signed a $15 million Loan Agreement to finance microfinance projects in the country.

The bank said in a news release that the loan funds provided under the agreements signed on October 11 are already the fifth investment in Armenia by the Belgian company through the mediation of Armeconombank.

“Within last 3 years Armeconombank has signed loan agreements in the amount of about 180 million US dollars with similar development finance international institutions,” the news release reads.