June 10, 2020 / 4:02 PM / a month ago

EBRD lends $25 mln to InecoBank to help Armenia's COVID crisis

YEREVAN, June 10 (Reuters) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday it had provided a $25 million loan to Armenia’s InecoBank so it can give financial support to companies affected by the economic impact of the coronavirus pandemic.

InecoBank finances businesses, mainly small and medium-sized enterprises, in all sectors in Armenia.

“In this emergency situation, we will be able to continue offering special support programmes for the core range of businesses in our economy to weather the current difficulties,” Aren Naltakyan, InecoBank’s CEO, said.

Armenia, a nation of 3 million people, has recorded well over 10,000 cases of the novel coronavirus, the highest in the South Caucasus region. (Reporting by Nvard Hovhannisyan; writing by Margarita Antidze; editing by Barbara Lewis)

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