JSC VTB Bank and the Kostroma Region have entered into public contract to provide credit for the regional budget needs totaling RUB 700 million. The funds are channeled into financing the deficit of the Kostroma regional budget.
The contract signed corresponds to VTB' policy aimed at developing integrated cooperation with federal and municipal entities. The partnership also envisages joint implementation of socially important urban and regional projects.
Cooperation between the Bank and the Administration of the Kostroma Region has been actively developing since 2004. Earlier, VTB was more than once recognized as winner in open competitions to provide credit recourses for budget needs of the Region. Nowadays, the Bank acts as a general agent of the issuer to service issuing, placement, circulation and redemption of state bonds of the Kostroma region worth RUB 3 billion. The volume of funds VTB provided to the Region totals RUB 6.087 billion.