EBRD lends $1m to microbusiness in Armenia

June 7, 2005

Press Release - European Bank For Reconstruction And Development

The European Bank for Reconstruction and Development is lending $1 million to Armenia’s InecoBank to help it provide finance for local entrepreneurs planning to develop small businesses.
[...]
InecoBank will provide micro loans of up to $10,000 (or the equivalent in Armenian dram) with a maturity of up to two years and small loans of up to $60,000 (or the equivalent in Armenian dram) with a maturity of up to three years.
[...]
InecoBank is one of the most profitable banks in Armenia. ShoreCap International, a US-based investor with a focus on SME finance, recently took a 15 per cent stake in the bank. InecoBank also has access to EBRD’s Trade Facilitation Programme, which enables the bank to service its existing client base and attract new clients by offering guarantees without cash backing.

Note: Above are excerpts from the article. The full article appears Here. Clarifications and comments by me are contained in {}. Deletions are marked by [...]. The bold emphasis is mine.