BANK VTB (ARMENIA) RECEIVES FIRST $2.5MLN TRANCHE UNDER EBRD PROGRAM

ArmInfo
2009-04-29 19:03:00

Bank VTB (Armenia) has received the first $2.5mln tranche under EBRD
SME crediting program and has already started the lending, Director
General-Chairman of the Board of Directors of Bank VTB (Armenia)
Valery Ovsyannikov said during a press-conference today.

Presently, the bank is considering the possibility of lending the
money in AMD.

"The client earning his money in AMD should be able to borrow it also
in AMD. The bank would also benefit from this as AMD crediting would
reduce currency risks," Ovsyannikov said.

The bank is planning to open a special SME micro-crediting and
crediting center at on e of its Yerevan branches.

In Dec 2008 EBRD and Bank VTB (Armenia) signed a $10mln SME crediting
agreement. The money will be provided in three tranches. The interest
on the loans is 20%, the repayment period is 3 years, the maximum
amount is 15mln AMD.