OREANDA-NEWS. March 29, 2011. A loan agreement was signed by Inecobank CJSC and BlueOrchard Finance SA, according to which a loan equal to USD 5,000,000 will be provided to Inecobank. The loan is in Armenian Drams and will be directed to the financing of micro business. The fact that the loan is in AMD allows the bank to avoid baring the customers with currency risks without being exposed to currency risks itself, reported the press-centre of INECOBANK.

“Inecobank already received USD 7.5 million loan from BlueOrchard Finance SA in 2010. Signing of another agreement, aimed at the development of micro-financing, is the result of effective and committed work of the bank. It reinforces our cooperation with a strong partner,” Inecobank CEO Avetis Baloyan stated.

Inecobank has already established cooperation with more than 20 international institutions. This year the bank plans to expand the framework of international cooperation and realize new programs aimed at financing of micro, small and medium business, as well as to step into the sphere of renewable energy and energy efficiency financing.

BlueOrchard Finance S.A. since 2001 has provided debt financing to microfinance institutions, promoting income-generating activities and contributing to a more inclusive financial system and a better quality of life for marginalised and under-privileged populations. BlueOrchard Investments Sarl since 2007 has invested in the equity of microfinance institutions and microfinance network funds.