Yerevan/Mediamax/. The EBRD is extending US$ 17 million in two facilities to Inecobank to further support the development of Armenia’s private sector.

The EBRD is increasing the availability of financing to private businesses in Armenia with a US$ 6 million loan for financing medium-sized companies through a funded participation in Inecobank loans under the Medium Sized Co-financing Facility. Another US$ 11 million loan is provided for on-lending to small and medium companies (SMEs).

“The EBRD is delighted to continue to support a long-standing EBRD partner bank with this co-financing facility to Inecobank, which has achieved solid growth since 2007. The EBRD will help to close a financing gap in the market and create funding opportunities to the best-qualified growing private companies in Armenia”, said Valeriu Razlog, Head of EBRD Office in Armenia.

“SME financing is a strategic business line for Inecobank. Over 10 years, more than half of the lending investments of the Bank are concentrated in this sector, and the new funds extended by EBRD will also be directed to the financing of SMEs” said Avetis Baloyan, the Chief Executive Officer of Inecobank.