YEREVAN, August 1. /ARKA /. Armenia’s Inecobank has signed another, $8-million loan agreement with European Bank for Reconstruction and Development to onlend this money to micro, small and medium-size companies, the bank’s press office reported on Wednesday.

The bank will extend these loans to such companies in Armenian drams to avoid currency risks.
The press office says this eighth agreement with EBRD is the result of a long-term cooperation with the EBRD and the guarantee for further cooperation.

“This new loan enables the bank to enlarge its dram lending to micro, small and medium-size companies promoting sustainable development of the private segment of the country’s economy,” said Avetis Baloyan, executive director of the bank.

Inecobank was established in 1996. Its key aim is to bolster development of the private sector through partnership with micro, small and medium-size companies and individual clients.

The bank’s assets totaled AMD 93.3 billion in late June, 2012. Its total capital amounted to AMD 16.4 billion. Inecobank cooperates with more than 25 international financial organizations, particularly with International Finance Corporation, Germany’s DEG, Euroepan bank for Reconstruction and Development and Asian Development Bank. ($1- AMD 408.36). -0--