29 July 2010
VTB Bank has set a RUB 5 bln credit limit for the Sverdlovsk Region. The funds may be used to finance budget deficit, temporary cash shortages, pay off government liabilities and provide lending to legal entities under the Sverdlovsk Region state guarantees. This agreement between VTB Bank and Mikhail Maksimov, Minister of Economy of the Sverdlovsk Region, was reached in April. The loan matures in 3 years.
The Sverdlovsk Region will use the credit limit in compliance with the requirements established by the legislation. The credit resources will be raised through open auction held among the largest banks of the Sverdlovsk Region. The Sverdlovsk Region government is currently considering VTB’s proposal with regard to its participation in the auction to execute the first transaction within the limit set.
, member of VTB Management Board said: “The Sverdlovsk Region is a key region of Russia. We hope the new limit will facilitate stronger cooperation between the Bank and the Region”.
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