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Inecobank SME 2

Armenia | Financial Institutions

Identification Code:: OP/12/0018
Total Operation Cost:: — USD
Maturity:: 36 months
Operation Status:: BSTDB Approved Amount – Approval Date

5.000.000 USD – 21 Jun 2013
: BSTDB Signed Amount – Signed Date

5.000.000 USD – 25 Jul 2013
: Status:
Completed
Description and Purpose of the Operation:: The USD 5 million medium-term SME Facility (SMEF) is provided to support Inecobank's activities in financing eligible SMEs in Armenia. By supporting Inecobank, BSTDB will be able to reach a larger number of SMEs in local market and contribute to the increase of SME sector in the country.
Countries of Operation:: Armenia (100,00%)
Financial Product:: SME's
Sector:: Financial Institutions
Domain:: Private
Borrower/Client:: CJSC Inecobank
Co-Financers/Participants:: —
Guarantors/Sponsors:: —
Developmental and Regional Cooperation Impact:: The Project is expected to have favorable economic benefits for the Armenian economy from increased economic activity. Furthermore, it will contribute to an increase in employment, export capacity and competitiveness, and multiplier effects for other parts of the economy. Other BSTDB countries are important trade partners for Armenia so to the extent that SMEs are benefiting from the financing of the operation, they will contribute to the regional cooperation.
Environmental Classification and Impact:: Inecobank will be required to continue to adhere to the established internal rules and procedures for environmental and social risk assessment; remain compliant with national environmental legislation in effect; observe the BSTDB Negative List of Products and Services; and submit annual environmental performance report.
Operation Leader:: Financial Institutions I
E-mail:: fi1@bstdb.org