YEREVAN, March 16, /ARKA/. Russian-owned Bank VTB (Armenia) has opened a credit-documentary limit for Armenian Mika Group of companies in the amount of $20 million as part of its corporate business fostering strategy. The funds will be used to finance various projects of Mika Group that comprises Armenia’s national air carrier Armavia, Mika Ltd., which deals with imports of fuel and Mika Cement.
Bank VTB (Armenia) CEO Valery Ovsyanikov said the bank enjoys successful cooperation with many largest Armenian energy, mining, transport and other companies. He said as part of corporate business enhancement strategy the bank offers a wide variety of products, such as financing of circulating assets, provision of documentary and credit products, funding various projects worth tens of millions in USD. He said half of the funds will go to Armavia carrier.
Mika Group of companies president Mikhail Baghdasarov said the signing of the agreement is evidence of both sides’ satisfaction with their well-established cooperation. He specified that part of the funds will be used to purchase a new aircraft, to repair and modernize major assets and issue letters of credits and guarantees to secure Armavia’s financial liabilities.
Bank VTB (Armenia) is owned fully by Russian Bank VTB. It runs 68 branches in Armenia, the largest network of branches across the country. -0-
