YEREVAN, SEPTEMBER 9, NOYAN TAPAN. It is envisaged that the European Bank for Reconstruction and Development (EBRD) will start financing the VTB Armenia Bank's program of mirco, small and medium enterprise crediting in late September or early October, the director general of VTB Armenia Bank CJSC Valery Ovsyannikov stated at the September 8 press conference. In his words, the work on final development of the credit agreement between the sides is now being done. The conditions of the agreement have been submitted to the EBRD Credit Committee for discussion. V. Ovsyannikov said that the indicated credit program will have a trade financing component. He did not mention the cost of the agreement, saying that it will be considerable for the Armenian market of banking services. "We wouldn't take the time of our respectable partners of the EBRD for several million dollars," he noted. It should be mentioned that as of August 31, 2008, the overall capital of VTB Armenia Bank made 22.79 billion drams (about 75.5 million USD).

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