YEREVAN, March 23. / ARKA /. VTB Bank (Armenia) together with Ameriabank has financed the construction of a modern greenhouse in the village of Shahumyan, Ararat region. The inauguration of the facility called ‘Green House” last Saturday was attended by president Serzh Sargsyan, French and Russian ambassadors as well as the acting ambassador of Italy, senior managers of VTB Bank (Armenia) and business people, VTB Bank (Armenia) said in a press release.

The green house, one of the largest in Armenia, is built on a plot of 30 hectares and is equipped with modern technology. Its products will be sold at home and a significant portion will be exported to Russia. The company has already hired 70 local people.

"Armenia is an attractive country for investing in agricultural projects," VTB Bank (Armenia) CEO Yuri Gusev is quoted as saying.

"VTB Bank (Armenia) has good experience in funding construction of greenhouses and we hope that more such projects will come," he said.

VTB Bank (Armenia) is a 100% subsidiary of Russian VTB Bank. It runs 67 branch offices throughout Armenia, more than any other local bank.

The bank’s assets in late 2014 stood at 379.6 billion drams (a 25.6% year-on-year increase); its liabilities were worth 334.8 bln drams (26.3% growth), total capital stood at 44.7 bln drams (20.2% growth), loan investments – were worth about 244.3 bln drams (11.6% increase). The 2014 profit of the bank amounted to 777.14 mln drams, as compared to 5.6 bln drams in 2013. ($1 – 478.36 drams). —0-