YEREVAN, December 11. / ARKA /. The Eurasian Development Bank (EDB) will provide a $15 million loan to VTB Bank (Armenia) for on-lending to small and medium businesses. The agreement to that end was signed in Yerevan  by EDB deputy chairman Dmitry Zhurba and VTB Bank (Armenia) CEO, Yuri Gusev.

Speaking at a news conference after the signing of the agreement,  Dmitry Zhurba said two Russian organizations met in Armenia to sign an agreement on long-term lending  to Armenian  small and medium- businesses. “I think this is a great event and very important," he said.

On his part, Gusev said  the funds will be provided for starting new businesses, which means  new jobs and a new opportunities.

“We look forward to long-term, effective and mutually beneficial cooperation",  he said.
He said lending to small and medium-sized businesses will be the bank’s  priority in the following year.

Asked about the interest rates, Gusev said it was a commercial secret, but added they will be among most favorable in Armenia.

VTB Bank (Armenia ) is owned fully by Russian VTB financial group. It runs 69 branches across Armenia, more than any other bank.

The Eurasian Development Bank is an international financial institution established by Russia and Kazakhstan in January 2006 to promote the development of market economies, to support their sustainable economic growth and  expansion of trade and economic ties.  Its authorized capital exceeds U.S. $ 1.5 billion. The member states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. Armenia joined it in 2009. -0-