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In 2006, International Finance Corporation became a shareholder of Inecobank acquiring 10% of newly issued shares of the Bank.
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International Finance Corporation is a member of World Bank Group and its objective is to promote the development of private sector in the developing countries through sustainable investment thus assisting the reduction of poverty and improvement of people’s living conditions.
The Bank cooperates with International Finance Corporation within the scope of Small and Medium Enterprise Lending and Mortgage Lending Programs.
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Inecobank has been engaged in the Agricultural Lending Program implemented by International Fund for Agricultural Development since 2006 and has issued a loan in amount of about USD 3 mln to finance small agricultural businesses.
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International Fund for Agricultural Development is an Agency of the United Nations that has mission of reducing poverty in rural areas of the developing countries. It provides low interest loans and grants to the government to finance agricultural projects in the poor countries of the world consequently helping farmers to fight against poverty by themselves.
Since 1995 International Fund for Agricultural Development has invested USD 64.2 mln in the agricultural sector in Armenia.
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Inecobank started cooperation with the BSTDB at the beginning of 2007 with the aim of financing Armenian trade companies pre-shipment and/or post shipment exporting to other member and/or non-member countries and importing from other BSTDB member countries.
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Black Sea Trade & Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey and Ukraine with the aim of supporting economic development and regional cooperation in its member countries.
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Inecobank cooperates with EBRD within the framework of Lending Program for Micro, Small and Medium Enterprises and Guarantee Program for Trade Promotion.
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European Bank for Reconstruction and Development is owned by 61 countries and two intergovernmental institutions makes investment in the countries of Central Europe and Central Asia aimed at assisting the formation of market economy and democracy. The EBRD provides financing for banks, industries and businesses and makes investment in both new ventures and existing companies.
Inecobank cooperates with EBRD within the framework of Lending Program for Micro, Small and Medium Enterprises and Guarantee Program for Trade Promotion. Inecobank was nominated as the Most Active Trade Finance Bank in Armenia for the outstanding performance throughout 2007.
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Since 1998 Inecobank has been cooperating with Foundation of International Development Corporation of the World Bank within the scope of Rural Entrepreneurship and Retail Commercial Agriculture Development Project.
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The World Bank provides financial and technical support to developing countries. It consists of two unique development institutions owned by 185 member countries – the International Bank for Reconstruction and Development (IBRD) that assists poor countries with an average income and creditworthiness and the International Development Association (IDA) which has the focus on the poorest countries of the world.
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In 2003 Inecobank was recognized as a partner-bank of the KfW Banking Group within the framework of German-Armenian Fund (GAF) with the aim to support Armenian Small and Medium Enterprise Development.
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KfW Bankengruppe is one of the ten biggest banks in Germany. Being a leading promotional bank KfW aims at supporting the development of economy, society and ecology in Germany, Europe and all over the world.
Since 2006 Inecobank is engaged in the “Sustainable Mortgage Market Development” program implemented by GAF.
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Since the beginning of 2008 Inecobank has been integrated into MFC network.
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MFC is a network of 72 micro financing organizations, operating in the countries of Central Europe and Newly-Independent States and has the mission of poverty reduction via provision of financial and non-financial services to small and medium enterprises and low-income families.
Being a member of global microfinance development network we believe we can further develop our skills and means to be directed towards the fulfillment of Inecobank’s mission.
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In 2008 DEG became the shareholder of Inecobank CJSC by purchasing 13.5% of its shares from ShoreCap Int. LTD.
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DEG, a member of KfW Bankengruppe (KfW banking group), finances investments of private companies in developing and transition countries. As one of the largest development finance institutions in Europe, it promotes private business structures to contribute to sustainable economic growth and improvement of living conditions.
Since July 2007, Inecobank is engaged in programs of Small and Medium Enterprises Financing as well as in Mortgage Financing implemented by DEG.
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Since 2007 Inecobank has been cooperating with PlaNet Finance microfinance development institution the funds of which are used for microfinance purpose.
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PlaNet Finance is an international non-governmental organization (NGO) which aims at poverty reduction worldwide through the development of microfinance.
Each year, PlaNet Finance supports several millions of microentrepreneurs via different projects in nearly 60 countries around the world through international network of sustainable investments.
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In 2003 Inecobank became a participant in the Loan Guarantee Program implemented by the USAID.
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USAID is an independent federal government agency that advances U.S. foreign policy objectives by supporting economic growth, agriculture and trade, global health and democracy, conflict prevention and humanitarian assistance.
In 2008 Inecobank started cooperation with the Commercialization of Energy Efficiency Program (CEEP), which has been founded by the USAID for the development of energy efficiency financing. In 2008 Inecobank started issuing bonds in joint collaboration with the USAID which are 50% guaranteed by the USAID.
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Since 2006 Inecobank is a member of the Mix MARKET information platform.
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The MIX MARKET is a global, web-based, microfinance information platform. It provides information on microfinance institutions (MFIs), public and private funds worldwide that make investment in the field of microfinance, MFI networks, consultancy agencies, and governmental and regulatory agencies.
On December 20, 2007 the reputable “Forbes” magazine posted an announcement on its website regarding 50 Top Microfinance Institutions of the MIX (Microfinance Information Exchange) list where Inecobank was the only bank from Armenia ranking the 26th place.
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Since 2006 Inecobank has been listed on Bankers’ Almanac.
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Bankersalmanac.com is a leading source of intelligent reference data for payments, compliance, credit risks and financial researches. Bankersalmanac.com started to operate in 1845 as a registry of Bankers Almanac bank reference book and since then has continued developing innovative reference data solutions to meet the needs of the banking industry. Its comprehensive coverage encompasses payment and settlement details, ownership, credit-scoring, financial and miscellaneous data.
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Since August 2008 Inecobank has started cooperation with Asian Development Bank. The funds from the loan agreement in amount of USD 3 mln are used to develop micro finance sector.
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The Asian Development Bank (ADB) is an international finance institution the mission of which is to help its developing member countries reduce poverty and improve the living conditions of the population. Established in 1966, ADB is financed by its 67 country members 48 of which are from Asia and Pacific region and 19 are from other parts of the world. The main partners of ADB are governments, the private sector, non-governmental organizations, development agencies and foundations.
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Since November 2008 Inecobank has started cooperation with OFID, the funds of which are being used for Trade Finance and Small and Medium Enterprises development purposes.
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Since November 2008 Inecobank has started cooperation with OFID, the funds of which are being used for Trade Finance and Small and Medium Enterprises development purposes.
The OPEC Fund for International Development (OFID) is a multilateral development finance institution established in 1976 by Member States of the Organization of the Petroleum Exporting Countries. The methods of funding include public sector loans for development projects and programs, balance of payments support and debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative; trade financing; support to private enterprises; grants for technical assistance, food aid, research and humanitarian relief work; and contributing to the resources of other development organizations the activities of which are aimed at assisting to developing countries.
As of August 31, 2009 the total investments made up over USD $11 billion.
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In 2008 Inecobank started cooperation with Atlantic Forfaitierungs AG with the purpose to promote trade finance development in Armenia.
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Atlantic Forfaitierungs Company Ltd. belongs to the German Oetker Group, internationally active in the banking, insurance, food and beverage industry, hospitality and cargo-transportation systems.
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Inecobank started cooperation with Incofin in March, 2008 within the field of microfinance.
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As a private social investment company, Incofin invests in microfinance institutions that help entrepreneurs set up their own business and thus get a chance to improve their living conditions.
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Since March, 2007 Inecobank has been cooperating with “responsAbility” with the mission to develop the microfinance sector in Armenia.
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Founded in 2003, responsAbility Social Investments Ltd. (responsAbility) is one of the world’s leading social investments companies. Through its investment products, “responsibility” enables people at the base of the global income pyramid to access markets, information and other services important for their development.
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Since March, 2008 Inecobank has started cooperation with VDK Spaarbank n.v. (VDK) within the scope of microfinance. VDK provided Inecobank a loan in amount of USD 3 million to extend small loans to micro-entrepreneurs.
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VDK Spaarbank is a medium sized bank and focuses its investments mainly on mature and commercially sustainable MFIs, which are in expansion stage.
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Since December 2010 Inecobank has been cooperating with “BlueOrchard Finance S.A.” investment organization.
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During 2010 – 2011 the Bank received a loan in amount of USD 12.5 mln by BlueOrchard which has been invested in the development of microfinance sphere.
BlueOrchard Finance S.A. organization finances microfinance institutions since 2001 promoting improvement of profitable activities and financial system development as well as living conditions of poor population.
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Inecobank started cooperation with “Symbiotics” microfinance organization in the end of 2010 by receiving a loan equal to USD 3 mln for microfinance purposes.
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The core aim of the company is to support micro-, small and medium enterprises, as well as low income households.
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