Yerevan/Mediamax/. The Eurasian Development Bank (EDB) provided $15mln to VTB Bank (Armenia) for small and medium enterprise (SME) lending.

Deputy Chairman of EDB Executive Board Dmitri Zhurba and Director General -Chairman of the Directorate of VTB Bank (Armenia) Yuri Gusev signed the relevant agreement in Yerevan today, Mediamax reports.

According to Yuri Gusev, all the funds within the given loan will be directed to new projects and to the creation of new workplaces.

“The realization of a joint project will contribute to the creation of favorable conditions for the sustainable development of SME in Armenia, development of a competitive environment, and thereby to the growth of production volumes, expansion of goods assortment and services, as well as to increase of production quality. We hope that the signing of this agreement will become the first example of our future cooperation and the funds will enable our clients to get good conditions for the development of their business. SME development is a priority direction not only for our bank but for Armenia in general and this is where we will concentrate our attention next year,” said Yuri Gusev.

He also informed that today the medium business portfolio of VTB Bank (Armenia)  totals AMD 28bln, and small business portfolio makes AMD 13bln.