YEREVAN, January 18. /ARKA/. VTB Bank (Armenia)  said Friday it had allocated funds to MAVAS GROUP LLC for construction of  a new greenhouse where farmers will grow organic vegetables.

“Most of the greenhouse production will be for domestic consumption, as a result the population will be provided with better quality food,” the source stated.

“We attach great importance to promoting medium-sized business in Armenia, and financing such projects will step up export-oriented production,” General Director – Chairman of the Board of Directors at VTB Bank (Armenia) Yuri Gusev said in a statement.

It is the second time the bank has financed greenhouse sector, according to him.
“We believe the number of such projects will be growing as Armenia has quite considerable agricultural potential,” Gusev added.

MAVAS Group LLC focuses on cargo transportation, lab testing, greenhouse production, import and export and more.

In 2010 the company launched construction of a greenhouse farm  in Dzoraghbyur village of Kotayk region. In June 2011 the greenhouse with a 1.6-hectare area was put into operation. The company was also planning to expand the area of the greenhouses, and necessary construction was underway.
At present, MAVAS Group owns a greenhouse farm of a 4.2-hectare area. The greenhouse was constructed in association with Dutch Agrotech Didame company which specializes in the development and improvement of greenhouses and technical systems.

VTB Bank Armenia joined VTB Group in April 2004. VTB, the second largest bank of Russia, holds 100% of shares of VTB Bank (Armenia). It has the largest branch network in the country – 68.It has the largest branch network in the country – 67. —0--