As part of corporate business development, VTB Bank (Armenia) CJSC signed a letter of credit arrangement for Mika group of companies at the amount of $20mln.

The relevant agreement was signed by Director General, Chairman of the Bank Board of Directors Valeriy Ovsyannikov and President of Mika group of companies Mikhail Baghdasarov on March 16.

"In the framework of the strategy for corporate business development, VTB Bank (Armenia) successfully cooperates with many large companies of Armenia in various sectors of economy – energy, mining, transportation and communication," said Ovsyannikov.

Baghdsarov noted for his part that he is satisfied with the level of cooperation with the ban, which will facilitate development of Armenia's economy.

According to him, major part of the provided funds will be spent for purchase of Be-200 aircrafts from Lufthansa. The aircrafts will be exploited by Armavia company.