On 11 December 2006, within the framework of a visit to the Kaliningrad Region by Andrey Kostin, Chairman and CEO of VTB, a Cooperation Agreement between VTB and the Government of the Kaliningrad Region was signed. The Agreement is designed to further facilitate mutual partnership development.
The Agreement was signed by Georgy Boos, Governor of the Kaliningrad Region, and Andrey Kostin, Chairman and CEO of VTB.
The Agreement stipulates the Bank's prospective participation in implementing investment and target regional programmes, projects on developing medium-sized business and also activities aimed at forming securities market in the Kaliningrad Region.
Pursuing the agreements reached, the Kaliningrad Region Government will resort to VTB for lending to enterprises and institutions, engaged in implementing projects and programmes of significant importance for the regional economy.
Besides, under the Agreement VTB will provide for the Kaliningrad Region Government a full range of banking services, including export-import servicing, transfer of data and mutual consulting on a permanent basis.
VTB actively cooperates with the regional administrations of the Russian Federation and municipal entities, thus contributing to regional priority tasks solutions in the economic, social and financial spheres. Today there are over 45 similar agreements signed. The volume of credit limits set by VTB to the regional administrations has exceeded RUR 91 billion.