Yerevan /Mediamax/. European Bank for Reconstruction and Development (EBRD) will provide VTB Bank (Armenia) a loan at the volume of $10mln to credit micro- and small enterprises (MSE).

Mediamax reports that the corresponding agreement was signed in Yerevan today by the General Director of VTB Bank (Armenia) Valeri Ovsyannikov and EBRD representative in Armenia Michael Weinstein.

Chairman of the Central Bank (CB) of Armenia Artur Javadyan, who was present that the ceremony, stated that in conditions of the global financial-economic crisis, EBRD has interrupted work in a number of countries, but at that it actively continues working in Armenia, the fact evidencing stability and reliability of the Armenian financial system”.

“In 2008, the assets of the Armenian banking system grew by 30%, the capitalization – by 40%”, Artur Javadyan stated.

Michael Weinstein stated that the deal with VTB Bank (Armenia) “is concordant with the wish of the country’s government to support MSE sector”.

“In 2008, the volume of EBRD’s investments in Armenia made $63mln, having increased by 23%”, Michael Weinstein stated, adding that in 2009, the bank plans to invest $80mln in Armenia.

Valeri Ovsyannikov informed that VTB Bank (Armenia) will receive the loan from EBRD in three tranches; the first tranche is expected in late January.

Talking about the bank’s indices following the results of 2008, Valeri Ovsyannikov informed that the bank’s assets increased by 43%, making 99bln AMD, the credit portfolio increased by 72%, making 70bln AMD, the net profit of the bank made 3bln AMD, having increased by 363%. The volume of means attracted by the bank made 27bln AMD, and the aggregate capital of the bank – 23.8bln AMD.

Valeri Ovsyannikov noted that in 2009 the bank plans for 20% increase on all main indices.