Monday, September 23 2013 13:29

Asian Development Bank to issue a $10 mln SME finance loan to INECOBANK


ArmInfo. INECOBANK and Asian Development Bank (ADB) have signed a $10 million credit agreement for SME finance, INECOBANK press-service told ArmInfo. To upgrade the efficiency of lending procedures, ADB will provide also technical support to INECOBANK.

Shannon Seet, an investment specialist at ADB, says the SME Finance project is the bank's biggest project aimed at developing the financial sector of Armenia. The project will expand INECOBANK's lending opportunities in the field of SME finance, which will contribute to sustainable development of the country's economy. Shannon Seet, is sure that all this will help creating jobs and reducing the poverty level.

Avetis Baloyan, Executive Officer of INECOBANK, said in turn that the loan will give the bank more opportunities in the SME finance sector and boost development of the private sector. ADB was established in 1966 with 31 members. There are now 67 members, both within and outside the Asian and Pacific region. The prior areas of the bank's activity are reduction of the poverty level in the Asia-Pacific region, increase of the integrated economic growth and environmental stability. Armenia became the regional member of ADB in 2005.

According to the Financial Rating of Armenian Banks, INECOBANK was on the second position in the Armenian banking sector as to SME finance portfolio that made up 48 bln or 57% of total loan portfolio of the bank as of July 1 2013. SME finance portfolio of the bank grew 21% year over year and 5% for Q2 2013. INECOBANK's share in total SME finance in the banking sector of Armenia is over 10%. Majority shareholder of INECOBANK CJSC (founded in 1996) is Executive Office A. Baloyan (35.23%), Karen Safaryan (30.34%), a member of KfW Group - Deutsche Investitions-und Entwicklunsgesellschaft mbH (DEG) (12.58%), and IFC (9.32%).
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