| VTB enhances its lending to Russian regions |
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28/10/2009 16:18 (141 Day 17:23 minutes ago) | |||||
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The FINANCIAL -- VTB continues its programs aimed at supporting Russian regions.
Thus, Krasnodar Administration got credit facilities amounting to RUB 800 billion to finance its top priority expenses affecting the social stability in the region, such as wages, social commitments, and public utilities.
Also, approved by the Russian Finance Ministry, the Bank provided a RUB 700 million loan to the Ryazan Region. The loan period is 12 months and the funds will be used to cover the regional budget deficit. Cooperation between VTB Bank and the Ryazan Region goes back to 2005. VTB has repeatedly won open tenders to provide funding for the regional budget. Presently, the Bank is an active lender to the Ryazan region.
Valery Lukyanenko, a member of VTB Bank Management Board said, "By offering financial support to regional administrations and municipal bodies we help maintain social guarantees given by the state to Russian citizens amid the present economic crisis".
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