VTB has opened a five-year, RUB 800 million credit line for Nizhegorodsky Vodokanal, a water supply and wastewater treatment company in Nizhny Novgorod. The funds will be used to renovate and upgrade water supply and wastewater treatment infrastructure under a concessionary agreement with the city administration.
Deputy President and Chairman of VTB Bank Management Board Mikhail Oseevskiy said: “VTB prioritises support for socially significant sectors. Naturally, these include housing and utilities, cooperation with these companies being a priority area for the bank. With years of experience in cooperation with public utilities, today VTB actively supports the implementation of their projects. We are happy that our bank can contribute to the development of urban infrastructure and raising living standards in Russian cities.”
Nizhegorodsky Vodokanal General Director Sergei Agafonov said: “Nizhegorodsky Vodokanal is continuing implementation of a Modernisation programme involving large-scale work to renovate the water supply and wastewater disposal system in the administrative centre of the Volga Federal District. Partnership with VTB gives us all the essential financial instruments to deliver on our obligations to the Nizhny Novgorod administration and city residents in a timely manner,”VTB first worked with Nizhegorodsky Vodokanal in 2014, when the bank opened a RUB 300 million credit line to fund a modernisation project.