YEREVAN, December 11. / ARKA /. VTB Bank (Armenia’s) outstanding lending to small and medium-sized businesses in Armenia currently stand at 13 and 28 billion drams respectively, according to VTB Bank (Armenia) chief executive officer Yuri Gusev, who told a news conference after signing a $15 million loan agreement with the Eurasian Development bank, that these indicators have grown over the last couple of years by more than 30% a year.
The loan from the Eurasian Development Bank (EDB) will be on-lent to small and medium-sized businesses, he said.
According to Gusev, VTB Bank (Armenia) plans to on-lent the total $15 million by the end of January-February 2013 to selected projects.
“For us, this is the first step. We have to prove to our partners that we are able to work, that we can ensure the quality of work that the Eurasian Development Bank requires from us, ” he said.
Gusev said the bank’s total outstanding portfolio of loans to corporate businesses will amount to 70 billion drams by the end of the year.
VTB Bank (Armenia ) is owned fully by Russian VTB financial group. It runs 69 branches across Armenia, more than any other bank.
The Eurasian Development Bank is an international financial institution established by Russia and Kazakhstan in January 2006 to promote the development of market economies, to support their sustainable economic growth and expansion of trade and economic ties. Its authorized capital exceeds U.S. $ 1.5 billion. The member states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. Armenia joined it in 2009. -0-
