YEREVAN, December 2, /ARKA/. Bank VTB Armenia said in a statement it has opened a $4 million open-end credit for Agarak copper-molybdenum combine.

‘The bank has always regarded the Agarak copper and molybdenum combine as one of its strategic partners. We are cooperating effectively with leading mining enterprises of Armenia and against the backdrop of our expansion in the southern province of Syunik we plan to make more investments in the region’s economy and infrastructure,’ Bank VTB Armenia CEO Valery Ovsyanikov was quoted as saying.

He said the arrangement was reached during his recent meeting with Roman Khudoliyev, president of

GeoProMining Ltd, which develops the local mines.

Agarak copper and molybdenum combine is the biggest company in Meghri region of Syunik province, employing about 900 local people. The company is implementing an anti-crisis program designed to reduce the prime cost of its products and raise their competitiveness. The program aims also at modernizing the combine.

Bank VTB Armenia is fully owned by Bank VTB, the second largest Russian bank. Bank VTB Armenia has 25 branches in Yerevan and 45 in Armenian provinces.  -0-