Yerevan/Mediamax/. Inecobank has received $10 mln in loan resources from the OPEC Fund for International Development (OFID). 

Within the framework of this loan agreement, Inecobank will provide small and medium enterprises (SMEs) with loans of up to USD 1 million for a term of up to 6 years, including a grace period of up to 2 years and interest rates starting from 10%, bank\'s press-service informs.
 
“We have been cooperating with OFID since 2008 and highly value its contribution to the development of the SME sector in Armenia. The willingness of OFID to further long-term cooperation with Inecobank is very important to us, and we are confident that our cooperation will continue to be highly effective”, stressed Avetis Baloyan, the CEO of Inecobank.

OFID is the development finance institution agency founded in 1976 by the Member Countries of OPEC (Organization of Petroleum Exporting Countries) to support South-South cooperation by providing assistance to other developing countries. To date, OFID has committed more than USD 13.4 billion in funding to 130 countries to help further their economic and social development.