VTB BANK (ARMENIA) INCLUDED IN EBRD’S TRADE FACILITATION PROGRAM
PanARMENIAN.Net
12.10.2009 17:58 GMT+04:00
/PanARMENIAN.Net/ VTB Bank (Armenia) and the European Bank for
Reconstruction and Development (EBRD) signed an agreement on Trade
Facilitation Program (TFP).
As the press office of the VTB bank reports, within the framework of
TFP the bank is provided the revolving credit line to finance foreign
trade transactions of clients through letters of credit and guarantees,
as well as direct funding.
Trade Facilitation Program, implemented by EBRD, is aimed at
maintaining international trade. Under this program, EBRD provides
guarantees to international commercial banks, taking the political
risk and commercial risk of default for transactions initiated by
banks included in the list of countries where EBRD operates (including
Armenia). Many banks, actively promoting their trade financing seek
to be involved in this program.
This year this is the third program implemented by the EBRD jointly
and with participation of VTB Bank (Armenia).
Armenia became a member of the European Bank for Reconstruction and
Development (EBRD), on December 7, 1992 with equity participation of
10 million euros. Today, the EBRD, one of the largest investors in
Armenia, has implemented more than 52 programs in the country.
VTB Bank (Armenia), the fourth largest bank in terms of total assets,
plays an important role in the banking sector in Armenia.