Inecobank receives 12.mln. USD loan from responsAbility Investments AG

02.10.2017 12:13
Inecobank receives 12.mln. USD loan from responsAbility Investments AG

YEREVAN, October 2. /ARKA/. On September 14, 2017 Inecobank received funding from responsAbility Investments AG sub-funds for a total amount of 12mln.USD which will be directed to micro enterprises financing, the bank said in a press release.

It said with this transaction the overall exposure of responsAbility funds with Inecobank equaled to more than 30mln. USD witnessing of highly efficient long-term cooperation between Inecobank and responsAbility. This new loan will expand the Bank’s lending activities in Armenia's micro-business sector creating new workplaces.

“We are pleased to strengthen long-standing and stable relationship between our institutions aimed at creating better value propositions for our clients,” said Garnik Tadevosyan, Acting Chief Executive Officer of Inecobank.

responsAbility Investments AG is one of the world’s leading asset managers in the field of development investments and offers professionally-managed investment solutions to both private and institutional investors. The company’s investment vehicles supply debt and equity financing to non-listed firms in emerging economies and developing countries. Through their activities, these firms help to meet the basic needs of broad sections of the population and to drive economic development – leading to greater prosperity in the long term.

Established in 1996, Inecobank CJSC is one of the leading banks in Armenia. Goal is to become the premier provider of banking services to retail, micro and SME Clients in the developing countries. Inecobank works with almost 30 IFI partners, including 3 equity investors (IFC, DEG, and EBRD), as well as senior lenders such as ADB, FMO, BSTDB, EFSE, OeEB, OFID. Inecobank has been cooperating with responsAbility Investments AG since 2007.-0-

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