The European Bank for Reconstruction and Development (EBRD) recently announced that it will be lending USD 5 million to Armenia’s CJSC Inecobank, which will be used for “on-lending to local micro and small enterprises.” EBRD, with support from United States Agency for International Development (USAID) will also contribute technical training to improve the bank’s lending operations. In 2005, the EBRD lent Inecobank USD 1 million to start up its microlending branch. The head of the EBRD’s Armenia office, Michael Weinstein, mentioned that the loan will “facilitate growth in the banking sector and support mico and small enterprises’ access to finance.”
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