VTB Bank has issued a RUB 563 million loan to the Orel city government.
The deal is part of a larger financial services contract between the bank and the city, signed for RUB 663 million for one year.
The funding will be used to cover the city’s budget deficit and to service the city’s debt.
«We do a lot of work with regional and city governments. It is one of VTB Bank’s priority business objectives. VTB’s credit lines help municipal governments meet their social commitments and develop infrastructure. We have a long-standing partnership with the Orel government and we hope that the financing provided under this contract will help the city government implement their development plans.»
Deputy President and Chairman of VTB Bank Management Board