VTB Bank (Armenia) sets credit-documentary limit for map company

24.05.2011 20:03
 VTB Bank (Armenia) sets credit-documentary limit for map company

YEREVAN, May 24. / ARKA /. Russian-owned VTB Bank (Armenia) has set a credit-documentary limit for Armenian MAP company producing alcoholic beverages and canned food , to finance various projects, including providing farmers with interest-free advance payments, MAP founder Alexan Petrosian, said today.

"This year VTB Bank (Armenia) has provided MAP with $4 million worth assistance. We work with 3 thousand farmers and thanks to VTB Bank (Armenia) we have already given them advance payments of 400 million drams, " he said.

According to Petrosian after the agricultural sector came into the limelight of the president more land was cultivated this year than in 2010. Petrosian said MAP plans to procure this year about 5,000 tons of crops more than in 2010.

VTB Bank (Armenia) CEO Valery Ovsyannikov said cooperation with MAP is important in terms of supporting implementation of targeted programs aimed to boost agricultural production."It is economically feasible to finance enterprises like MAP which give interest-free advance payments directly to producers of agricultural products. We are determined to step up our financing to such companies," he said.

The credit-documentary limits set by the Bank VTB (Armenia) will be used to finance the working capital of MAP, allowing it to buy a lot more of agricultural products. In addition, in case of need letters of credit and guarantees to support the financial obligations of MAP to foreign suppliers of goods and services will be issued.

MAP was founded in 1942. The company produces canned foods, brandies, wines selling them at the local market and exporting also to CIS and other countries.($1 – 375.62 drams). -0-

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