PROJECT

Projects

Summary of Investment Information

Project Number

37196

Company Name

INECOBANK CJSC

Date SPI Disclosed

Aug 3, 2015

Country

Armenia

Region

Europe

Projected Board Date

Sep 1, 2015

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Sep 16, 2015
Signed : Dec 4, 2015
Invested : Dec 16, 2015

Sector

Commercial Banking - SME Finance

Project Description

The proposed project comprises an IFC loan to Closed Joint Stock Company “Inecobank” (Inecobank) of up to US$20 million for up to five years (2-year grace period) to support Inecobank’s acquisition of Closed Joint Stock Company “ProCredit Bank” Armenia (PCBA), thus promoting the first market-driven consolidation in Armenia’s banking sector and contributing to access to finance to small and medium enterprises (SME). IFC’s loan will allow Inecobank to refinance PCBA’s existing liabilities and extend its SME portfolio.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation