After an online tender, VTB Bank and the Finance Ministry of the Murmansk Region signed loan contracts. The bank will provide RUB 3 billion in revolving credit lines for a term of one year to cover the fiscal deficit in the regional budget.
VTB Bank Management Board Member Denis Bortnikov said: “Funding programmes for the Murmansk Region’s socio-economic development is one of our priorities. I’m confident that this agreement will further upgrade the partnership between our bank and the regional government.”
By virtue of its economic and geographical position, the Murmansk Region is of particular strategic importance to Russia. It hosts one of Russia’s largest ports – Murmansk, where the Northern Sea Route begins. It is a region rich in natural resources that boasts substantial industrial and scientific potential and a diverse transport infrastructure. It makes a tangible contribution to the Russian economy.