YEREVAN, October 24. / ARKA /. Armenian Inecobank said today it received USD 10 million 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%.

“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.

Inecobank has extensive experience of cooperation with international organizations and actively cooperates with more than 20 such institutions. Inecobank has already attracted USD 30 million from international organizations since the beginning of 2011 and plans to attract USD 20 million more by the end of this year.

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.

“Inecobank” CJSC was founded in 1996 with the aim to promote private sector development in Armenia, particularly micro, small and medium enterprise development, and to contribute to the improvement of social conditions through the provision of high quality banking services. As at the end of the third quarter 2011 the assets of Inecobank comprised 69.9 billion AMD, and the capital comprised 13.2 billion AMD. -0-