YEREVAN, February 28. /ARKA/. Inecobank has received a USD 15-million subordinated loan from Blue Orchard Microfinance Fund international financial organization, the bank’s press office reported on Thursday. According to the bank’s press release, the contract was signed on February 7.

“Inecobank, which is reckoned among Armenia’s flagship banks for attracting financial resources from foreign financial organizations, has highly diversified financial sources either in liabilities or in shareholder capital,” Inecobank Executive Director Tigran Davtyan is quoted in the press release.

The bank says the attracted financial resources will be used for financing the bank’s activity as a whole and will also contribute to the growth of the bank’s loan portfolio, putting a special emphasis on SMEs.

BlueOrchard was founded in 2001 by initiative of the UN as the first commercial manager of microfinance debt investments worldwide. It offers premium investment solutions to qualified investors and provides debt and equity financing to institutions in emerging and frontier markets.

Inecobank was registered on February 7, 1996. This is the first bank in Armenia to present an installment lending program.
The bank’s shareholders are Baloyan A. – 30%, Safaryan K. – 25.9% and agRIF Coopeartief U.A – 10.01%. -0---