EDB and VTB Bank (Armenia) sign an agreement to lend finance to small and medium-sized businesses
Eurasian Development Bank (EDB) has provided a US $15 million loan to VTB Bank (Armenia) who will sub-lend funds to small and medium-sized businesses (SMB). The agreement was signed by Dmitry Zhurba, Deputy Chairman of the Management Board, on the part of EDB and Yuri Gusev, General Director and Chairman of the Board of Directors, on the part of VTB Bank (Armenia).
The funds will be used to expand the activities of SMB and stimulate the advancement of this sphere, which is one of the strategic priorities of Armenia’s economy.
Yuri Gusev, General Director and Chairman of the Board of Directors of VTB Bank (Armenia), stated that, «In the current economic situation, special importance is attached to the development of small and medium-sized businesses in Armenia. The joint project of EDB and VTB Bank (Armenia) will help create favourable conditions for the development of small and medium-sized businesses in Armenia, the advancement of competition and, therefore, the growth of production, the expansion of the range of goods and services, and the improvement of their quality. We hope for long-term, effective and mutually beneficial cooperation and for the expansion of the sphere of funding.»
VTB Bank (Armenia) became a member of the VTB international financial group in April 2004. VTB Bank, Russia’s second largest bank, owns 100% of shares in VTB Bank (Armenia). The bank is one of the leaders of the Armenian banking system in terms of many key indicators. It has 69 branches which make it the largest network in the country.
Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital exceeds US $1.5 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. Read more at https://www.eabr.org.
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