24572 - Inecobank

Who We Are
Who We Are

IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people.
More About Us
About IFC

Our Leadership

Development Partners
Accountability

Learn more about accountability
Annual Report

Download the Report
What We Do
What We Do

IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise.
What We Do Overview
SOLUTIONS

Our products and services
OUR PRIORITIES

Climate Business

Fragile & Conflict Afflicted Situations

Gender

Mobilizing Private Capital

Sustainability
SECTORS & EXPERTISE

Agribusiness & Forestry

Creative Industries

Education

Financial Institutions

Funds

Health

Infrastructure

Manufacturing

Public-Private Partnerships

Tourism, Retail & Property

Trade & Supply Chain Finance

Venture Capital

Working Upstream
Where We Work
Where We Work

As the largest global development institution focused on the private sector, IFC operates in more than 100 countries around the globe. We apply lessons learned in one region to solve problems in another.
Overview
By Region

Africa

East Asia and Pacific

Europe

Latin America and the Caribbean

Middle East and Central Asia

South Asia
Our Impact
Our Impact

Our impact improves lives. IFC brings a clear set of advantages to the world’s most challenging markets. Including a history of innovation, a global mandate, and a determination to achieve measurable development impact.
Our Impact Overview
PRINCIPLES & MEASUREMENT

Impact Investing at IFC

Measuring and Monitoring (AIMM)

Evaluation

Sustainable Development Goals (SDGs)

Owned by 186 member countries and consistently rated AAA/Aaa. IFC aims to achieve our mission of promoting development by providing debt and equity to the private sector, through a range of benchmark and bespoke products.

For Partners

For Investors

Get in Touch

Summary of Proposed Investment

Project Number

24572

Company Name

INECOBANK CJSC

Date SPI Disclosed

Jan 4, 2006

Country

Armenia

Industry

Financial Markets

Projected Board Date

Feb 3, 2006

Status

Completed

Sector

Commercial Banking - General

Department

Global Industry, Financial Markets

Environmental Category

Previous Events

Approved : Jun 1, 2006
Signed : Jun 2, 2006
Invested : Jul 11, 2006

Project Description

The project is to provide a senior loan of up to $3 million to Inecobank (or the Bank), a small Armenian commercial bank. The IFC loan will broaden the Bank’s funding base and will be used for expansion of its financing of small and medium-sized businesses and strengthening its position in mortgage origination and consumer lending. As part of the project, IFC may also consider providing up to $1 million in equity.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	3.0
Equity	1.40

Development Impact

The expected development impact of this project is high because it achieves the following objectives in a frontier country: - enabling the Bank to expand its lending operations and provide commercial financing to businesses in a variety of sectors, therefore fostering economic growth and employment generation; - helping to develop the residential mortgage standards according to international norms and best practices in Armenia; and -contributing to building a commercially viable banking system in Armenia.

This is a Category FI type 1 project according to IFC''s environmental and social review procedure. Inecobank will be required to maintain its existing environmental management system (which requires compliance with applicable Armenian requirements), with any necessary improvements including compliance with the relevant IFC exclusion list. The Bank will be required to designate staff who will have responsibility for environmental affairs and who will attend IFC''s environmental workshop, and to submit Annual Environmental Performance Reports to IFC.
Location of environmental documents in locally affected community

Contacts

For Inquiries About the Project, Contact

Avetis Baloyan, Chairman of the Board, Inecobank. Email: President@inecobank.am

This Summary of Project Information (SPI) is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC's activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC's Disclosure of Information Policy that went into effect September 1998.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Projects

Summary of Proposed Investment

Project Description

Sponsor / Cost / Location

Development Impact

Similar Projects

Contacts

Projects

Summary of Proposed Investment

Project Description

Sponsor / Cost / Location

Project Sponsor and Major Shareholders of Project Company

Total Project Cost and Amount and Nature of IFC's Investment

Board Approved IFC Investment

Location of Project and Description of Site

Development Impact

IFC's Expected Development Contribution

Environmental and Social Issues - Category

Press-Release

Related ESRS/ERS

Similar Projects

Contacts

Disclaimer