VTB PROVIDES FUNDS FOR OPERATION OF TEGHUT MINES

Panorama.am
13:40 08/12/2007

Armenian Prime Minister received today Russian VTB Bank president
Andrei Kostin who is in Armenia in relation to signing of a cooperation
agreement between VTB Bank and Armenia Copper Program. After signing
the agreement, VTB Bank Director and Central Bank Director held a
press conference.

According to the document, VTB will provide $257 million for the
commissioning of Teghut mines on a term of 12 years. VTB director said
this is the largest program of its sort. According to the agreement,
VTB Armenia Bank will provide financial consultations and bank service
during the implementation of the project.

Before signing the document, Andrei Kostin and Prime Minister Serzh
Sargsyan discussed the cooperation of the bank with our country. The
two also discussed large scale foreign investment and the creation of
favorable conditions for the business environment in our country. The
parties expressed their satisfaction with the current pace of
cooperation of VTB Bank with Armenia.

VTB has a capital of $52 million in Armenia.