and Vnesheconombank Sign Memorandum on Mutual Cooperation

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.