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EBRD To Start Financing VTB Armenia Bank's Program Of Micro, Small A

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  • EBRD To Start Financing VTB Armenia Bank's Program Of Micro, Small A

    EBRD TO START FINANCING VTB ARMENIA BANK'S PROGRAM OF MICRO, SMALL AND MEDIUM ENTERPRISE CREDITING WITHIN MONTH

    Noyan Tapan
    http://www.nt.am/news.php?shownews=117188
    Se p 10, 2008

    YEREVAN, SEPTEMBER 9, NOYAN TAPAN. It is envisaged that the European
    Bank for Reconstruction and Development (EBRD) will start financing
    the VTB Armenia Bank's program of mirco, small and medium enterprise
    crediting in late September or early October, the director general
    of VTB Armenia Bank CJSC Valery Ovsyannikov stated at the September
    8 press conference.

    In his words, the work on final development of the credit agreement
    between the sides is now being done. The conditions of the agreement
    have been submitted to the EBRD Credit Committee for discussion.

    V. Ovsyannikov said that the indicated credit program will have a trade
    financing component. He did not mention the cost of the agreement,
    saying that it will be considerable for the Armenian market of
    banking services.

    "We wouldn't take the time of our respectable partners of the EBRD
    for several million dollars," he noted.

    It should be mentioned that as of August 31, 2008, the overall capital
    of VTB Armenia Bank made 22.79 billion drams (about 75.5 million USD).
    From: Baghdasarian
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