New BSTDB Facility to Support Small Business Development in Armenia
Press Release | 13-Sep-2013
The Black Sea Trade and Development Bank (BSTDB) provided a USD 5 million SME credit line to Inecobank (Armenia). The facility will respond to the growing demand for medium-term funding of Armenian small- and medium-sized enterprises (SMEs).
“We are pleased to strengthen further our cooperation with Inecobank, a reliable partner and a market leader in SME financing in Armenia. Through this partnership, BSTDB supports an increasing number of dynamic SMEs and contributes to the private sector business development by offering easier access to capital resources” said Andrey Kondakov, BSTDB President.
“Inecobank has been closely cooperating with BSTDB since 2007. This new loan agreement is a result of a productive partnership and a step towards increased future collaboration.” - says Avetis Baloyan, Chief Executive Director of Inecobank.
This is the second credit line that BSTDB extends to Inecobank for SME financing, bringing the total amount to USD 8 million.
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Established in 1996, Inecobank CJSC is a dynamically developing bank offering universal services in the financial services market in Armenia. Its goal is to promote private sector development – acting as a reliable and loyal partner and consultant for micro, small and medium business and individuals. Inecobank works with 25 foreign partners, including BSTDB, the International Finance Corporation (IFC), German Investment and Development Company (DEG), Black Sea Trade & Development Bank (BSTDB), European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB) and many others.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is SDR 3 billion (appx. EUR 3.5 billion). BSTDB is rated long-term “A-” by Standard and Poor’s and “A3” by Moody’s. For more information about BSTDB, please visit www.bstdb.org.
Press contact:
Haroula Christodoulou
Phone: +30 2310 290533
E-mail: cchristodoulou@bstdb.org