“Mika Cement” plant resumes operating due to funding from VTB BANK (Armenia)
18.07.2013,
13:44
YEREVAN, July 18./ARKA/. “Mika Cement” plant resumes functioning as it receives lending from VTB Bank (Armenia).
YEREVAN, July 18./ARKA/. “Mika Cement” plant resumes functioning as it receives lending from VTB Bank (Armenia).
“The bank allocated non-revolving line of credit to “Cement Service.” One part of the funding was delivered for “Mika Cement” plant’s purpose loan to fulfill its loan commitments, including natural gas and salary debt redemption, securing of money for guarantees at VTB Bank (Armenia),” the bank’s press office reported Thursday.
The rest of funding was spent on upgrading equipment and some other expenses.
VTB Bank (Armenia) General Director Yuri Gusev said the bank had been cooperating with “Mika Cement” for many years, and “we are happy our bank is supporting one of the two most important cement producers in resuming its operation.”
“Our goal is to reproduce cement, assist the plant in boosting and improving the quality and volumes of cement. We hope our partnership will go on developing furthermore,” he said.
“Mika Cement” plant produces nearly 10 brands of Portland cement. The plant exports its production to Iran, Iraq, Europe and the Russian Federation.
VTB Bank (Armenia) joined VTB Group in April 2004. VTB, the second largest bank of Russia, holds 100% of shares of Bank VTB (Armenia). Bank VTB (Armenia) has 67 branches all over Armenia’s territory. Bank VTB (Armenia) is traditionally reckoned among leaders for general indicators. -0-
“The bank allocated non-revolving line of credit to “Cement Service.” One part of the funding was delivered for “Mika Cement” plant’s purpose loan to fulfill its loan commitments, including natural gas and salary debt redemption, securing of money for guarantees at VTB Bank (Armenia),” the bank’s press office reported Thursday.
The rest of funding was spent on upgrading equipment and some other expenses.
VTB Bank (Armenia) General Director Yuri Gusev said the bank had been cooperating with “Mika Cement” for many years, and “we are happy our bank is supporting one of the two most important cement producers in resuming its operation.”
“Our goal is to reproduce cement, assist the plant in boosting and improving the quality and volumes of cement. We hope our partnership will go on developing furthermore,” he said.
“Mika Cement” plant produces nearly 10 brands of Portland cement. The plant exports its production to Iran, Iraq, Europe and the Russian Federation.
VTB Bank (Armenia) joined VTB Group in April 2004. VTB, the second largest bank of Russia, holds 100% of shares of Bank VTB (Armenia). Bank VTB (Armenia) has 67 branches all over Armenia’s territory. Bank VTB (Armenia) is traditionally reckoned among leaders for general indicators. -0-
