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M&A insurance grows as confidence increases


Saturday, April 19, 2014
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Within the project «Privileged Agro loan» VTB Bank issued loans with total amount 37 million GEL

05/02/2014 13:23 (72 Day 12:28 minutes ago)

The FINANCIAL -- Within the project “Privileged Agro loan” VTB Bank issued loans with total amount 37 million GEL. Generally, loans are issued within second, third and fifth components. 

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The majority of issued loans  - within second component and reaches 17.6 million GEL. Mentioned component provides turnover and fixed assets financing for agricultural purpose. Interest rate not more than 8%.


The total amount of loans  issued within third component reaches  5.6 million USD. Mentioned component provides issuance of investment loans to finance creation of new agricultural enterprises. Interest rate not more than  3%.


Fifth component provides financing of Rtveli (grape harvest) and within this component  VTB Bank issued loans with total amount of  9.5 million GEL, interest rate is not more than 6%.


From the beginning of the year growth in loan portfolio amounted to 225%. Among funded sectors are: plant growing, wine-making, livestock, poultry keeping, greenhouse farming. 


"We have a positive attitude towards VTB Bank participation in Agro loan Project. From the beginning, VTB Bank has been taking active part in program, initially the planned amount of investment was  25 million GEL, as of today, amount of loans issued by VTB Bank exceeds 12 million GEL of forecast amount. That is an indication of the importance and success of the project," said Valerian Gabunia, VTB Bank Retail Business Director. 

 

 

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