A greenhouse complex financed by VTB Bank's Armenian branch opened Saturday.
The complex -- one of the largest in the country -- spans 30 hectares of facilities that provide a consistent mild climate in order to grow crops year round. The opening also added 70 jobs for the Ararat region.
Armenian President Serzh Sargsyan attended the opening ceremony with ambassadors from France and Russia.
"Armenia is an attractive platform for investment in agricultural projects, since there are government-initiated programs that are specifically exempt from import duties, such as construction equipment," VTB CEO Yu Gusev said.
He also stated that working with the greenhouse complex was a good experience and that the bank would like to be involved with similar job-creating projects that benefit the economy.