Yerevan/Mediamax/. International Finance Corporation (IFC) provided “Inecobank” with USD 2mln guarantee for trade financing.

Mediamax reports that the agreement was signed by the Executive Director of “Inecobank” Avetis Baloyan and the Executive Director and Vice-President of IFC Lars Thunell in Yerevan today.

Avetis Baloyan informed that by receiving IFC guarantee, “Inecobank” joins “Global Trade Finance Program”, due to which the bank gets the chance to use the network of IFC international partner banks and offer its customer more convenient conditions.

“Over the past year, “Inecobank” has been quite active in the sphere of trade financing. We offer customers documentary credits, guarantees, factoring, credits on trade financing, and starting from 2010 – also financing of purchase orders”, Avetis Baloyan stated, reminding that “Inecobank” was recognized best bank of Armenia in the sphere of trade financing by the European Bank for Reconstruction and Development ;(EBRD) twice (in 2007 and in 2009).

IFC Vice-President Lars Thunell noted that in 2009 fiscal year, IFC invested USD 35mln in Armenia, making its credit portfolio in Armenia reach USD 60mln.

Lars Thunell also noted that IFC intends to continue consolidating ties with financial organizations of Armenia, participate in infrastructural projects and programs on production development.