YEREVAN, August 6. /ARKA/. IFC, a member of the World Bank Group, said it is providing a loan of $15 million to Inecobank to boost lending to Armenia’s micro, small, and medium enterprises (MSMEs), helping them address the challenges triggered by the COVID-19 outbreak.

Given the global pandemic, many MSMEs in Armenia face lower revenues, higher costs, supply disruptions, and complicated inventory management. As a result, they need working capital liquidity financing to continue operating, providing vital employment, goods and services, and generating tax revenues. IFC’s loan to Inecobank, its longstanding client in Armenia, is part of its $8 billion fast-track financing for its private sector clients worldwide, to sustain economies and protect jobs during this unprecedented global crisis.

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Tags: Armenia, COVID 19, IFC, Inecobank, smaller businesses, support

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