Inecobank receives $10 million loan from EBRD for financing energy saving projects

20.12.2014 17:51
Inecobank receives $10 million loan from EBRD for financing energy saving projects

YEREVAN, December 20. / ARKA /. Armenian Inecobank has signed a $10 million loan agreement with the European Bank for Reconstruction and Development (EBRD) as part of a new lending program designed for energy-efficient SMEs.

The bank said in a press release today that it received December 19 the first tranche of $5 million that will be used to finance companies dealing with efficient and renewable energy projects and also issued as consumer loans to individuals.

Inecobank CEO Avetis Baloyan was quoted as saying that Inecobank has attracted over $45 million from EBRD over ten years cooperation with it to pomote SMEs and trade in Armenia.

"The new credit facilities will contribute not only to the development of SMEs, but also to cutting energy consumption, which is very important today for the whole world," Avetis Baloyan was quoted as saying.

He said Inecobank cooperates with about 30 international financial institutions and funds having attracted in 2014 a total of $33 million in credit funds and will attract another $9 million before the end of the year which will also be channeled into micro, small and medium-sized businesses.

According to him, by the end of the year the total amount of funds raised from international financial organizations will make $140 million.

As part of the joint programs implemented in cooperation with EBRD, the clients receiving loans for energy efficient projects will be able to get back up to 15% of the loan amount (cashback) at the expense of an EBRD grant.

Head of the bank's credit service Vaghinak Khachatryan said Inecobank always attaches importance to energy saving and environmental protection.

"Thanks to this new energy-efficient loan product, designed together with EBRD we can give more attention to reducing energy consumption in Armenia by providing customers not only with financial, but also consulting assistance,” he said.

Inecobank CJSC was registered in 1996. Its shareholders are A. Baloyan - 35.23%, K. Safaryan - 30.34%, DEG Deutsche Investitions-und Entwicklungsgesellschaft mbH - 12.58% and IFC- 9.32%.

The bank's assets as of October 1, 2014 stood at 131.5 billion drams, the liabilities stood at 106 3 billion drams, the capital – at 25.2 billion drams and credit investments – at 93.9 billion drams. In the third quarter Inecobank earned 3.5 billion drams in profit. ($ 1- 464.57 drams). -0-

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