Tue, 8 July
16.1 C
Yerevan
USD: 384.11 RUB: 4.88 EUR: 450.45 GEL: 141.38 GBP: 522.39

VTB Bank (Armenia) sets credit-documentary limit for map company

YEREVAN, May 24. / ARKA /. Russian-owned VTB Bank (Armenia) has set a credit-documentary limit for Armenian MAP company producing alcoholic beverages and canned food , to finance various projects, including providing farmers with interest-free advance payments, MAP founder Alexan Petrosian, said today.

“This year VTB Bank (Armenia) has provided MAP with $4 million worth assistance. We work with 3 thousand farmers and thanks to VTB Bank (Armenia) we have already given them advance payments of 400 million drams, ” he said.

According to Petrosian after the agricultural sector came into the limelight of the president more land was cultivated this year than in 2010. Petrosian said MAP plans to procure this year about 5,000 tons of crops more than in 2010.

VTB Bank (Armenia) CEO Valery Ovsyannikov said cooperation with MAP is important in terms of supporting implementation of targeted programs aimed to boost agricultural production.”It is economically feasible to finance enterprises like MAP which give interest-free advance payments directly to producers of agricultural products. We are determined to step up our financing to such companies,” he said.

The credit-documentary limits set by the Bank VTB (Armenia) will be used to finance the working capital of MAP, allowing it to buy a lot more of agricultural products. In addition, in case of need letters of credit and guarantees to support the financial obligations of MAP to foreign suppliers of goods and services will be issued.

MAP was founded in 1942. The company produces canned foods, brandies, wines selling them at the local market and exporting also to CIS and other countries.($1 – 375.62 drams). -0-

spot_img

POPULAR

Moody’s affirms Armenian government ratings at Ba3 with stable outlook

On June 26, 2025, Moody's affirmed the long-term issuer ratings in national and foreign currencies and senior unsecured debt in foreign currency of the Armenian government at Ba3, maintaining the stable outlook, the press service of the Ministry of Finance of Armenia reported.

Top 10 banks of Armenia by loan portfolio for 1st H 2020

ARKA News Agency has singled out ten banks for their big loan portfolios as of June 30, 2020

Inflation of 3.9% registered in Armenia in June

In the consumer market of Armenia, 12-month inflation in June of this year amounted to 3.9%, according to the report of the National Statistical Committee (NSC) of Armenia.

Euro jumps 4.23 points against Armenian dram, as  US dollar and ruble rise slightly

The average market exchange rate of the US dollar against the Armenian dram as of July 1, 2025, increased by 0.85 points compared to June 30 and amounted to 385.32 drams.

Armenia takes first step toward regulating crypto assets

On Thursday, the National Assembly of Armenia approved in the second and final reading a draft law On Crypto Assets and amendments to a number of related laws.

LATEST NEWS

spot_imgspot_imgspot_img