$4 mln worth loan agreement signed between Inecobank of Armenia and DWM asset management

YEREVAN, February 19. /ARKA/. Armenian Inecobank and DWM Asset Management (member of “Developing World Markets”) signed a loan agreement for a total of $4mln. The new loan funds will be used to develop microfinancing in Armenia, the bank reported.

Under the loan agreement, maximal amount of loans to be provided by the bank is $10,000 and the repayment period is 24months.

Businessmen with their production, trade and service businesses operated not less than three months can get credits under the program.

The press release reports that it is the first loan agreement of Inecobank with DWM group and it is a start of a mutually advantageous cooperation. New programs are being considered.

These are also the first investments made by the group in Armenia.

Inecobank closed joint stock company was registered on February 7 1996. In December 1997 the bank became the first bank in Armenia extending credits for consumer goods.

Among the stockholders of Inecobank are member of KfW group DEG company (Deutsche Investititions-und Entwicklunsgesellschaft mbH) with 13.5% and the International Financial Corporation with 10%. The bank is cooperating with the EBRD, USAID, KfW, the Black Sea Trade and Development Bank and other international organizations.

The bank’s assets had totaled 44.3bln Drams as of the end of December 2008 with total capital being 8.4bln Drams. The authorized stock of the bank was 1.4bln Drams, the credit investments – 15.2bln Drams and the net profit 1.6bln Drams in January-December 2008. ($1=305.26Drams). N.V. –0—