VTB Bank has signed municipal contracts with the government of Novorossiysk to open a credit line totalling RUB 687 million.
A total of RUB 250 million has already been provided under the contract. The loans will be used to cover the city’s budget deficit.
This January VTB won an open tender to act as lender to the government of Novorossiysk, resulting in municipal contracts signed between the city and the bank.
"VTB works actively with regional and municipal authorities to help them achieve key economic, social and financial objectives," member of VTB Bank Management Board Valery Lukyanenko said.