VTB Bank has extended a two-year RUB 15 billion credit tranche to MegaFon. The funds will be used to finance the company’s current activities, including the creation of additional liquidity reserves to cover the risks of further currency devaluation against short-term foreign currency liabilities. The credit was provided under an existing revolving credit agreement totaling RUB 30 billion.
Yuri Soloviev, First Deputy President and Chairman of VTB Bank Management Board, commented: “MegaFon is a reliable borrower for our bank. VTB has a long history of fruitful cooperation with the company, and we are pleased that our partnership contributes to MegaFon’s further growth.”
MegaFon is one of Russia’s leading telecom operators. The company works in all segments of the telecommunications market. MegaFon and its subsidiaries have all the required licenses and operate in all Russian regions, as well as in Abkhazia, South Ossetia and Tajikistan.