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VTB Bank enhances cooperation with the Magadan Administration

13 April 2011

VTB Bank enhances  cooperation with the Magadan Administration.

JSC VTB Bank has provided the Magadan Administration with USD 450 mln loan facilities to finance its budget deficit and debt repayment. The Bank successfully won the electronic tender held by the Magadan Administration among lending institutions to extend loans to the municipal budget.

Together with these loan facilities, the volume of VTB funding to the Magadan budget will increase to RUB 650 mln.

Commenting the results of the tender, Valery Lukyanenko, Member of VTB Bank Management Board said: “Given the social importance of lending to regional budgets, VTB Bank places a special emphasis on cooperation with executive bodies of municipal entities and constituents of the Russian Federation”.

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