Wednesday, December 29 2010 13:00

BlueOrchard Finance arranges USD 10,000,000 financing in Armenia to Inecobank


ArmInfo. BlueOrchard Finance SA, a global leader in commercial microfinance investments, recently announced that it has executed debt investments totaling USD 10,000,000 in Armenia to Inecobank, the press service of the bank told ArmInfo.

Inecobank, a leading Armenian bank established in 1996 and focused on Micro-, Small- and Medium-size Enterprises, has received the loans from the Dexia Micro-Credit Fund ("DMCF"), one of eight funds managed by BlueOrchard Finance.

"We are thrilled to reinforce our commitment to the Caucasus by financing Inecobank, an institution that has been successfully serving micro-entrepreneurs in Armenia for over a decade", said Jean-Pierre Klumpp, CEO of BlueOrchard Finance.

"Microfinancing is one of the strategic directions for Inecobank and we are glad to start cooperation with Blue Orchard, a leading microfinance institution investing worldwide. In 2010 we launched a number of microfinance development projects and financed more than 1,600 micro businesses", said Avetis Baloyan, the CEO of Inecobank.

Inecobank CJSC is a universal bank founded in 1996 with the vision of contributing to Armenia's economic development and the improvement of population of welfare. The bank is among the top 10 banks in Armenia with the total assets of USD 154.9mln. and capital of USD 33.2 mln. as of November 30, 2010. Among the shareholders of the Bank are IFC (10% shares) and DEG (13.5% shares).

BlueOrchard Finance S.A. since 2001 has provided debt financing to microfinance institutions, promoting income-generating activities and contributing to a more inclusive financial system and a better quality of life for marginalised and under-privileged populations.
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