BSTDB and Inecobank Expand Support for Armenian SMEs with New USD 10 Million Credit Line
Agreement signed during BSTDB Business Forum in Yerevan bolsters private sector growth
The Black Sea Trade and Development Bank (BSTDB) and Inecobank have signed a new USD 10 million credit line to support the development of small- and medium-sized enterprises (SMEs) in Armenia. The agreement was signed during the BSTDB Business Forum in Yerevan, a flagship event that promotes regional cooperation and sustainable economic growth.
The new facility responds to the growing demand for medium-term financing among Armenian SMEs and aims to boost the lending capacity of Inecobank, a leading player in the SME sector. Beyond the direct financial support, it is expected to support job creation, income generation, infrastructure development, and increased trade activity, generating broader multiplier effects across the economy.
The operation is fully aligned with the priorities of the BSEC Economic Agenda, which promotes regional development, financial inclusion, and the growth of competitive private sector enterprises.
“This new agreement reflects our strong commitment to strengthening the SME ecosystem in Armenia and across the Black Sea region,” said Dr. Serhat Köksal, President of BSTDB. “By working with a trusted and experienced partner like Inecobank, we are not only expanding access to finance but also investing in long-term institutional development that drives inclusive and resilient growth.”
“At Inecobank, we value financing that contributes to long-term economic development and business growth.” said Hayk Voskanyan, Chief Executive Officer of Inecobank. “This facility supports our ongoing efforts to expand SME lending in areas where access to capital can drive competitiveness and private sector development. Our collaboration with BSTDB contributes meaningfully to this agenda.”
This is the fourth credit line BSTDB has provided to Inecobank since the partnership began in 2007. To date, BSTDB has extended over USD 21.8 million in financing to more than 100 Armenian enterprises through Inecobank, contributing meaningfully to private sector expansion and economic diversification.
Inecobank CJSC is a leading financial institution in the South Caucasus, offering a full range of banking services to individuals, SMEs, and large enterprises. Established in 1996, the bank serves over 600,000 clients across Armenia and is recognized for its focus on innovation and modern banking solutions. Inecobank maintains strong relationships with top international financial institutions and partners with over 30 global organizations through diverse financing programs.
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 EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.
Contact: Haroula Christodoulou
: @BSTDB
