ArmInfo. The Armenian Universal Credit Company CMC and Vnesheconombank signed a memorandum on cooperation providing for assistance in increasing investment and financing in the main areas of cooperation - the industrial sector, transport, innovation, IT and telecommunications. According to the press service of the RA Ministry of Economic Development and Investments, the member of the Management Board, First Deputy Chairman of Vnesheconombank (VEB) Nikolai Tsekhomsky and Executive Director of SME Investments Arthur Badalyan signed this document on November 15 in Moscow.
According to the source, the parties will discuss the possibility of opening a credit line for the SME Investments for the implementation of the export program for both Russian-made goods and joint-venture products (with Russian capital operating in Armenia) to third countries.
"VEB as a national corporation for financial development will share its experience and provide the necessary advice to the CMC. Mutually beneficial relations between Armenia and Russia have rich experience, and the signing of a memorandum for the development of the two institutions will open new opportunities for cooperation, which will promote the growth of trade turnover, investment, and production cooperation in strategic areas of partnership. This is an important step both for bilateral cooperation and within the framework of the integration processes of the EAEU," N. Tsikhomsky said.
A. Badalyan noted that CMC is interested in VEB's strategy and business model as a national corporation for financial development. "Soon we will join the Council for the Development of Banks of the EAEU, and we are ready to cooperate in the selection, research and implementation of programs with both VEB and other Council members," he added.
According to the Ranking of credit companies of Armenia prepared by NA ArmInfo, SME Investments among the 30 universal credit companies of the Republic of Armenia is included in the TOP-10 by the main balance sheet indicators. Thus, the volume of credit investments of the CMC "SME Investments" amounted to 8.1 billion AMD ($ 17 million, annual growth of 11%) as of October 1, 2017, assets - 15.3 billion AMD ($ 32 million, annual growth of 26.3%). Only for the III quarter of 2017 the company managed to increase credit investments by 33.5%, as a result of which assets in the quarterly section increased by 30.4%. In 2016, the company increased its net profit by 56.3%. CMC "SME Investments" has been operating in the Armenian market since August 2009. The sole shareholder of the company is the National Center for the Development of Small and Medium Enterprises of Armenia Fund.