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VTB continues to finance local administrations of Russian regions

22 March 2010

In March 2010, under the Russian regions support program, VTB Bank granted a total of RUB 335 million in loans to the Republic of Karelia.

The republic's government will channel the loan to finance priority budget expenditures that influence social stability in the region, in particular, payment of salaries, social obligations utility services.

Under further development of cooperation with the administration of the Republic of Karelia, in April 2010 VTB Bank is planning to participate in the next scheduled auction bidding for the right to provide lending resources to finance budget deficit of the republic.

“VTB has traditionally cooperated with administrations of regions of the Russian Federation. We are happy that financial support granted to the Government of the Republic of Karelia will help to accomplish key social tasks in the region”, Valery Lukyanenko, member of VTB Bank Management Board, said.

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