Wednesday, June 30 2010 14:06

VTB Bank (Armenia) receives $2.5 mln tranche from EBRD


ArmInfo. Within the frames of cooperation with the European Bank for Reconstruction and Development (EBRD), VTB Bank (Armenia) received the regular tranche at the rate of $2.5 mln for crediting of micro and small entrepreneurship (MSE) in Armenia, VTB Bank (Armenia) press service told ArmInfo.

"This has been the second tranche after signing of an agreement with EBRD in 2009 for credit extension. The funds will be provided to continue developing crediting of micro and small business. Micro and small entrepreneurship is a basis of the developing economy. Obviously, Armenia has a considerably unsatisfied requirement in MSE financing", Director of Retail Business Development Department of VTB Bank (Armenia) A. Khachatryan said. According to him, the bank intends to extend availability of MSE financing in both Yerevan and all the regions of the country within the frames of this programme. "This programme enables creditworthy borrowers in Armenia's MSE to use reliable sources of short-term financing", A. Khachatryan emphasized. He also said credits will be extended within the frames of the programme for 3-year period and with an interest rate from 12%.

The source recalls that EBRD issued a credit to VTB Bank (Armenia) CJSC in January 2009 in three tranches at the rate of $10 mln for crediting of micro and small entrepreneurship in Armenia.

To note, VTB Bank (Armenia) CJSC (till June 20, 2006 - Armsberbank CJSC) became participant in VTB Group in April 2004. VTB Bank currently owns 100% shares of VTB Bank (Armenia) CJSC. As of March 31, 2010, the Bank's assets made up 125.6 bln drams, liabilities - 99.8 bln drams, total capital - 25.8 bln drams, authorized capital -13.9 bln drams, credit portfolio - 82.5 bln drams, the volume of funds attracted - 99.7 bln drams. The bank's net profit upon the results of the 1st quarter of 2010 made up 670 mln drams.

To recall, EBRD has been working in Armenia since 1992. The bank has provided Armenia with almost 337 mln Euro so far for implementation of about 80 projects in the financial field, private business, infrastructure and energy spheres.
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