OREANDA-NEWS. December 10, 2007. Prior to the document signing ceremony, during a private meeting, Prime Minister Serzh Sargsyan and Andrei Kostin discussed a broad range of issues relating to the cooperation between the Bank and our country in the banking and financial sectors, attraction of sizeable foreign investments into the Armenian economy, creation of better conditions for doing business in Armenia and other questions of mutual interest. In particular, the parties have expressed satisfaction at the current status of and the prospects for the bilateral cooperation. In this context, Serzh Sargsyan emphasized the importance of the cooperation agreement to be signed between VTB Bank OJSC and Armenia Copper Program CJSC which, as he said, was made possible thanks to the targeted efforts exercised on either side and constituted a key element in the ongoing cooperation between our country and the Bank.

Then as attended by the Prime Minister of the Republic of Armenia, the Chairman of the CBA and members of government at the Office of Government, President of VTB Bank OJSC Andrei Kostin and President of Armenia Copper Program CJSC Valery Mejlumyan signed the cooperation agreement. The agreement provides for the financing of the Teghout deposit development program and describes the terms of reference for the cooperation between the Bank and the Company. According to the agreement, financial consultancy and banking services under the program will be ensured by VTB Bank-Armenia CJSC. The signing of this arrangement was said to be conducive to the preparation and signing of relevant loan covenants and other instruments under the contract.

The signing ceremony was followed by the joint press conference of President of VTB Bank OJSC Andrei Kostin and CBA Chairman Tigran Sargsyan.