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VTB provides financing to Irkutsk Region Road Service

 
19 March 2014

VTB Bank has extended a RUB 900 million three-year documentary credit line to the Irkutsk Region Road Service (IRRS) to finance operations, allocate tender fees and secure commitments under state contracts.

A master agreement has been signed for RUB 700 million of VTB guarantees for the company’s commitments under state road upkeep, maintenance and construction contracts in the Angara Region. The IRRS is responsible for a total of 240 kilometres of federal roads and 12,500 kilometres of regional roads.

 
 
 
 
«Roads are, without exaggeration, vitally important infrastructure elements, particularly in such a big country as Russia. It is for this reason that cooperation between VTB Bank and the Irkutsk Region Road Service will serve to develop the economic potential of the Angara Region and improve the quality of life of each person in the region.».
Mikhail Oseevskiy,
Deputy President and Chairman of VTB Bank Management Board

IRRS Director General Radik Farazutdinov added: “To be successful, any commercial business should have reliable partners. A bank that is ready to support a business will always develop, as will its client. I am sure that our cooperation with VTB will be long-term and mutually beneficial.”

For reference:

The Irkutsk Region Road Service was founded in 1938 as a road section of the Executive Committee of the Regional Council of Workers’ Deputies. Later the company was repeatedly reorganized, ending up as a joint-stock venture with the Irkutsk Region’s Ministry of Property Relations as its only shareholder. It has 16 subsidiaries in the Balagansk, Bodaybo, Bratsk, Zalari, Zima, Irkutsk, Kazachinskoye-Lena, Kachug, Nizhneilymsk, Nizhneudinsk, Taishet, Tulun, Usolye, Ust-Ilymsk, Ust-Kut and Ust-Ordynskiy districts, a network that covers practically the entire area of the region. The IRRS owns 23 asphalt concrete factories, a prefabricate plant and a fleet of 1,700 pieces of equipment.

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