YEREVAN, May 18. / ARKA /. VTB Bank (Armenia) said today it had financed the construction of ‘Progress Agro’ hothouse in the village of Geghi in Kotayk region for growing cucumbers the opening of which was attended last week by president Serzh Sargsyan.

According to a bank’s news release, the greenhouse located on a land plot of 47 hectares is cooperating with one of the world leaders in this field - the French company Richel that has extensive experience in more than 80 countries around the world.

The greenhouse equipped with hydroponics systems, enables the year-round growing of vegetables. Progress Agro plans to sell the output both at home and in Russia.

"We attach special importance to the financing of export oriented industries in Armenia. This is our first project with Progress Agro,’ VTB Bank (Armenia) CEO Yuri Gusev is quoted as saying.

Head of Agro Progress Ashot Shagyan says the use of hydroponics method will allow them to get several crops a year and step up exports. He expressed hope for fruitful and continued cooperation with VTB Bank (Armenia).

VTB Bank (Armenia) is owned by Russia VTB Bank. It runs 67 branches across Armenia, more than any other bank.-0-