EIB Global, a member of the European Investment Bank (EIB), has signed a cooperation agreement with Inecobank in Armenia, directly providing €40 million in financing to the bank.
The financing package allocated to Inecobank will be aimed at the sustainable and long-term development of small, medium and medium-sized enterprises (SMEs) in Armenia, as well as increasing competitiveness. Particular attention will be paid to supporting women entrepreneurs, promoting inclusive economic growth and innovation.
Hayk Voskanyan, CEO of Inecobank, expressed satisfaction with joining forces with the EBRD and supporting this important initiative.
“We are confident that through this cooperation we will provide long-term financing to Armenian SMEs, giving them the opportunity to move forward, follow the path of innovation and achieve success. We are also confident that this initiative will have a positive impact on the development of entrepreneurship and innovation,” said Mr. Oskanyan.
While Inecobank has previously received financing from the EIB under various initiatives, this is the first direct cooperation. The goal is to strengthen bilateral relations and expand access to finance for the business community of Armenia by promoting entrepreneurship.
According to Artem Chichyan, Director of Corporate Business at Inecobank, the bank values all initiatives aimed at creating a business environment and developing business in our country, and strives to contribute to these processes with its activities.
“Inecobank is always on the side of micro, small and medium-sized businesses and offers wide financing opportunities. We are pleased to cooperate with EB Global, especially within the framework of this initiative, and support more SMEs in achieving their business goals through sustainable development,” says A. Chichyan.
Teresa Czerwinska, Vice President of the EBRD, notes that they are pleased to increase their support to Armenian MSMEs together with their partner Inecobank.
“The EIB is committed to promoting entrepreneurship and inclusive growth in the country, helping businesses overcome barriers to their development. By addressing the urgent need for increased access to long-term finance (including in local currency), we are paving the way for the development of Armenia’s business ecosystem towards a more sustainable and innovative future,” says T. Czerwinska.
This funding program aims to promote entrepreneurship, support sustainable and green development, and advance innovation in line with the shared priorities of the European Union and Armenia for inclusive economic development.