Yerevan, December 8 /Mediamax/. Russian “VTB Bank” and the Armenian Copper Programme (ACP) signed an agreement in Yerevan today on allocating a loan at the sum of $257mln at the term of 12 years for elaboration and exploitation of the Teghut cooper-molybdenum deposit.

Mediamax reports that the President of “VTB Bank” OJSC Andrei Kostin said this in Yerevan today. According to him, this is one of the largest investment deals in Armenia and for the bank “this is a project with increased profitability”.

The signing of the agreement took place at the presence of the Armenian Prime Minister Serzh Sarkisian.

According to the assessment of the Chairman of the Central Bank of Armenia Tigran Sarkisian, “we have not had such large loans for the private sector, and this is the largest investment project, which is realized in Armenia through the banking system”.

Andrei Kostin stressed that “VTB Bank” will continue the work with Armenian corporate customers, in particular, financial resource at the sum of $70mln will be provided to “Armenian Electricity Networks” CJSC.

By the end of the year, the authorized capital stock of “VTB Bank (Armenia)” will increase for $20mln and will make $52mln.

In the beginning of 2008, “VTB-Leasing (Armenia)” leasing company will start functioning in Armenia, by means of which the first part of the program of leasing services for “Armavia” Company at the sum of $55-60mln will be realized.

Andrei Kostin stated the necessity to continue the work on improving the quality of “VTB Bank (Armenia)” branch network. From the 89 branches of the bank, which function today in Armenia, 28 branches fall on the share of Yerevan. In 24 branches of the capital city, the work on their re-equipment is concluded.

According to Andrei Kostin, the Armenian government renders the necessary support to the plans of the bank, and the “climate, existing in the republic, is very auspicious for the work of the banking sector”.