OeEB and cooperation partner DEG (Deutsche Investitions- und Entwicklungsgesellschaft mbH) have granted a loan to Inecobank (Armenia).
With a share of USD 5 million, OeEB has thereby contributed significantly to the development of local SMEs in Armenia.
Armenia’s economy is largely dependent on the development of SMEs. Nurturing these businesses is a priority of the Armenian government, as this will increase local employment, exports, and tax revenues. In addition, Armenia is a focus region of Austria’s external economic strategy.
With 380 employees, Inecobank has ten branches in Armenia. One of the main business areas of the bank is the financing of SMEs. The bank’s shareholders include the International Finance Corporation (IFC) and DEG.