Friday, January 18 2013 16:43

VTB Bank (Armenia) finances MAVAS Group company's project


ArmInfo. VTB Bank (Armenia) has provided financing to MAVAS Group LLC specializing in provision of transport services, certification, laboratory examination and production of grass-grown products, import and export, as well as wholesale of household items.

The press service of the Bank told ArmInfo that the funds of VTB Bank (Armenia) are to be spent on construction of a new greenhouse facility to grow ecologically friendly vegetable crops. Most part of the products will be sold in the domestic market. So, the population of the country will be supplied with high quality food.

"We give high priority to promotion of medium business in Armenia and we contribute to expansion of spheres of activity and further development of export-oriented productions by financing such projects. For VTB Bank (Armenia) it is the second case of financing of the greenhouse facilities and we hope that the number of such projects will grow given the big potential for agriculture development in Armenia", said Director General, Chairman of Directorate of VTB Bank (Armenia) Yuri Gusev.

In 2010 MAVAS Group started implementing the plan of construction of a greenhouse facility in Dzoraghbyur village of Kotayk region. The investments in the project started from the purchase of land plots. In June 2011 a 1.6 ha greenhouse was put into exploitation and at the same time the company carried out construction work aimed at further expansion of the greenhouse space. At the moment the company has a full-fledged greenhouse facility with a total area of 4.2 ha. The greenhouse was built jointly with Agrotech Didam B.V. (the Netherlands). Agrotech Didam B.V. is a company that is a leader in the development and improvement of greenhouses and technical systems. Agrotech Didam B.V. specializes in building typical Dutch Venlo type greenhouses in the Eastern part of Europe such as Russia, Byelorussia, Ukraine, Kazakhstan, Poland, Lithuania and many other countries.

According to the Ranking of Commercial Banks of Armenia by the Agency of Rating Marketing Information (ArmInfo), VTB Bank (Armenia) is among the top five leaders by lending to SMEs (over 25% in the loan book). Over Q3 2012 the Bank increased lending to SMEs by almost 17% to 38.5 bln AMD.
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