Mediamax Agency, Armenia
Dec 8 2007
Russian `VTB Bank’ and ACP signed a loan agreement at the sum of $257mln
Yerevan, December 8 /Mediamax/. Russian `VTB Bank’ and the Armenian
Copper Programme (ACP) signed an agreement in Yerevan today on
allocating a loan at the sum of $257mln at the term of 12 years for
elaboration and exploitation of the Teghut cooper-molybdenum deposit.
Mediamax reports that the President of `VTB Bank’ OJSC Andrei Kostin
said this in Yerevan today. According to him, this is one of the
largest investment deals in Armenia and for the bank `this is a
project with increased profitability’.
The signing of the agreement took place at the presence of the
Armenian Prime Minister Serzh Sarkisian.
According to the assessment of the Chairman of the Central Bank of
Armenia Tigran Sarkisian, `we have not had such large loans for the
private sector, and this is the largest investment project, which is
realized in Armenia through the banking system’.
Andrei Kostin stressed that `VTB Bank’ will continue the work with
Armenian corporate customers, in particular, financial resource at
the sum of $70mln will be provided to `Armenian Electricity Networks’
CJSC.
By the end of the year, the authorized capital stock of `VTB Bank
(Armenia)’ will increase for $20mln and will make $52mln.
In the beginning of 2008, `VTB-Leasing (Armenia)’ leasing company
will start functioning in Armenia, by means of which the first part
of the program of leasing services for `Armavia’ Company at the sum
of $55-60mln will be realized.
Andrei Kostin stated the necessity to continue the work on improving
the quality of `VTB Bank (Armenia)’ branch network. From the 89
branches of the bank, which function today in Armenia, 28 branches
fall on the share of Yerevan. In 24 branches of the capital city, the
work on their re-equipment is concluded.
According to Andrei Kostin, the Armenian government renders the
necessary support to the plans of the bank, and the `climate,
existing in the republic, is very auspicious for the work of the
banking sector’.