On October 7, 2015, FMO has provided a loan of US$ 15 mln to Inecobank, Armenia, for the financing of small and medium enterprises (SMEs).
“We are happy to establish a new partnership with such an honorable organization as FMO. The five-year loan agreement is an excellent opportunity for Inecobank to continue providing more long-term loans to SMEs, increasing our capability to invest in the private sector and thereby contributing to its sustainable development in Armenia”, said Taron Ganjalyan, Chief Executive Officer of Inecobank. FMO is also pleased with the partnership, which, according to their Director Financial Institutions Huib-Jan de Ruijter, “fits very well in FMOs strategy of supporting local entrepreneurs and creating impact by investing in SMEs”.
SME financing is a strategic direction for Inecobank. Within the sector, the Bank positions itself as a customer friendly bank providing high-quality and flexible banking services. Cooperating with more than 30 international financial institutions and microfinance funds, Inecobank has attracted US$ 46 mln loans and has acquired another US$ 36 mln on commitments for 2015. The Bank highly appreciates the contribution of international financial institutions, including International Finance Corporation (IFC), German Investment and Development Company (DEG), European Bank for Reconstruction and Development (EBRD), Black Sea Trade & Development Bank (BSTDB), Asian Development Bank (ADB) and many others.
About Inecobank
Established in 1996, Inecobank CJSC is a dynamically developing bank offering universal services in the financial market of Armenia. Its goal is to promote private sector development – acting as a reliable and loyal partner and consultant for micro, small and medium business and individuals. Inecobank occupies leading position in the market by ROA and ROE. As at the end of the second quarter of 2015 the total assets of the bank equaled to 151bln. AMD, and the gross loan portfolio has reached 106bln. AMD.
About FMO
FMO is the Dutch development bank. FMO has invested in the private sector in developing countries and emerging markets for more than 45 years. Our mission is to empower entrepreneurs to build a better world. We invest in sectors where we believe our contribution can have the highest long-term impact: financial institutions, energy and agribusiness. Alongside partners, we invest in the infrastructure, manufacturing and services sectors. With an investment portfolio of EUR 8 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally. www.fmo.nl
