Tuesday, December 11 2012 19:37

Eurasian Development Bank lends $15mln to VTB Bank (Armenia)


ArmInfo. The Eurasian Development Bank has lent VTB Bank (Armenia) $15mln for SME support activities.

According to CEO of VTB Bank (Armenia) Yuri Gusev, the money will be lent to new borrowers only.

"We already have a list of potential projects and hope to distribute the money by Feb 2013. SME support is one of our priorities and we hope that partnership with the EDB will help us to become more active in this sector," Gusev said.

Deputy Chairman of the EDB's Board Dmitry Zhurba said that the signing of the agreement is a significant event for Armenia. "It is really noteworthy that two companies with Russian roots have met and established long-term partnership in Armenia," he said.

According to VTB Bank (Armenia), the bank's loan book totals 28bln AMD, of which 13bln AMD is SME lending.
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