Yerevan /Mediamax/. Fund for International Development of the Organization of the Petroleum Exporting Countries## (OPEC OFID) allocated two credit lines for Armenian “Inecobank” at the total sum of $5mln.

As Mediamax was told in “Inecobank” press service, the signing of the corresponding agreements took place in the headquarters of OPEC Fund for International Development in Vienna.

According to the first agreement, the Fund will allocate $2mln to “Inecobank” to finance trade in Armenia. The second agreement provides for allocation of $3mln to credit small and medium enterprises in the spheres of production, services, trade and agriculture.

As the Chief Executive Officer of “Inecobank” Avetis Baloyan stated, “Signing of the agreement is already the start of our long-term cooperation with OPEC Fund for International Development”. He noted that the received means will be first of all directed to credit the current customers of the bank, “since we have always appreciated their loyalty”.

Head of Development and External Affairs Service of “Inecobank” Alla Pavlova noted that the bank highly appreciates the decision of the Fund to start cooperation in these difficult times for the global financial markets. “Due to its business-strategy, “Inecobank” has avoided the influence of the crisis in the external financial markets and preserves development speeds”, she noted.