Yerevan /Mediamax/. IFC allocated a grant for “Inecobank” at the volume of $700 thousand to expand its microfinance capacity in rural areas of Armenia.

As Mediamax was informed in the press service of “Inecobank”, the proceeds of the grant will be directed to assist the opening of new branches, integration of risk management and evaluation measures in microfinance and for training of microfinance specialists.

“With the onset of the financial crisis, microfinance proved to be one of the most sustainable products for the bank and one of its strategic sector priorities. Through participation in the IFC’s Microfinance Initiative, we are planning to significantly increase our microfinance sector penetration,” said Avetis Baloyan, “Inecobank” CEO.

“Our support to INECOBANK will enable the bank to offer a variety of microfinance products to the businesses and individuals that have not had access to these services before, thus promoting growth and sustainable development in the country,” said Georgina Baker, IFC Director for Global Financial Markets.

IFC is a shareholder of “Inecobank”, holding 10 percent of its shares.