Yerevan, June 12. /Mediamax/. The International Financial Corporation (IFC) – the member of the World Bank Group – acquired 10% share of the Armenian Inecobank.

As Mediamax was told in Inecobank’s press service today, besides buying 10% share of the bank, IFC has also signed an agreement with Inecobank on allocating a $3mln credit for the development of small and medium entrepreneurship and mortgage market in Armenia.

According to IFC’s Director of the Central and Eastern Europe Department, Edward Nassim, “this is our first investment into the capital of the Armenian bank and we are glad to start a cooperation with Inecobank.”

Chairman of the Board of Inecobank CJSC, Avetis Baloyan, noted that he is “proud to see IFC among the bank’s shareholders.”
Inecobank Executive Director Mher Grigorian said that “the credit agreement will allow to offer our clients long-term crediting and significantly increase the bank’s portfolio.”