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.”
Similar Posts:
- MICROCAPITAL BRIEF: Reefy Microfinance Borrows $6.5m from EBRD for Youth-led MSMEs in Egypt
- MICROCAPITAL BRIEF: EBRD Loans $21m to BMCI of Morocco as Part of Women in Business (WiB) Program
- MICROCAPITAL BRIEF: Uzpromstroybank (UzPSB) Borrowing $15m from EBRD for SMEs in Uzbekistan
- MICROCAPITAL BRIEF: EBRD Loans $4.4m to KEP Trust of Kosovo with Focus on Rural, Women-led MSMEs
- MICROCAPITAL BRIEF: EBRD Purchases 5% Equity Stake in ProCredit from IFC, Increasing Exposure to SMEs in Europe, Ecuador