Yerevan/Mediamax/. VTB Bank (Armenia) provided “Mika” Group of Companies with a credit-documentary limit at the volume of USD 20mln for financing various projects.

As VTB Bank (Armenia) CEO Valeri Ovsyannikov stated at the ceremony of signing of the agreement today, within the framework of the limit, expenses for purchase, repair and modernization of the basic assets, replenishment of circulating assets will be financed.

Basing on the necessity, they will issue letters of credit and guarantees of securing financial commitments of “Mika” Group of Companies for foreign suppliers of goods and services within the framework of external trade agreements.

“We have always considered “Mika” Group one of our strategic partners. In this context, the decision on provision of the limit is timely and urgent in terms of rendering support in realization of target programs”, Valeri Ovsyannikov stated.

According to him, 50% of the means will be directed at development of the national Airline – “Armavia” Company, and the other half – on development of other companies of “Mika” Group.

“Armavia” owner, Chairman of “Mika” Group of Companies Mikhail Baghdasarov stated that the means will be particularly used in order to purchase a Bombardier airplane from Lufthansa Company.