Yerevan /Mediamax/. International Finance Corporation (IFC), a member of the World Bank Group, allocated $5mln for “Inecobank”##.

As Mediamax was told in IFC, the package comprises a $3 million senior loan to on-lend to small and medium enterprises and a trade guarantee facility of up to $2 million to facilitate import-export operations. With the guarantee, the bank will join the IFC’s Global Trade Finance Program and get access to global network of banks supporting trade finance operations.

Part of IFC’s financing also will be used to support “Inecobank” mortgage lending program and help the bank adopt international standards in that area.

This is the second IFC loan to the bank. In 2006, IFC provided “Inecobank” with a $3 million loan to on-lend to SME and to expand mortgage finance.

IFC is a shareholder of “Inecobank” and holds 10 percent of its shares.