YEREVAN, October 18. /ARKA/. Inecobank and FMO, the Dutch Development Bank, signed October 6, a new Term Facility Agreement for the financing of small and medium enterprises (SMEs), Inecobank said in a news release. It said the amount of the new facility is up to US$25 million.

“We are happy to strengthen our partnership with such an honorable organization as FMO. The new Term Facility Agreement with FMO is part of our strategy to support our Customers to improve their capacities in SME sector in Armenia”, said Garnik Tadevosyan, Acting Chief Executive Officer of Inecobank.

“FMO is proud to support Inecobank, enhancing access to finance for Armenian SMEs and much needed job creation in Armenia”, said Linda Broekhuizen, Chief Investment Officer of FMO.

Cooperating with more than 30 international financial institutions and microfinance funds, since the beginning of the year Inecobank has signed agreements for a total of US$52 mln loans and by the end of 2017 Bank is going to attract additional up to US$ 15mln loans.

The Bank highly appreciates the contribution of international financial institutions which continuously support Inecobank in achieving its ambitious goals not only through offering competitive financing in foreign and local currency, but also through a wide availability of technical assistance tools.

Inecobank is owned by A. Baloyan (30%), K. Safaryan (25.92%), EBRD ( 22.7%), DEG Deutsche Investitions-und Entwicklungsgesellschaft mbH (5.75%) and the IFC (4.25%). -0-