OREANDA-NEWS. On 16 June 2016, the first day of the St. Petersburg International Economic Forum, VTB Group and Rostec State Corporation signed a RUB 100bln factoring agreement to finance Rostec’s energy saving and efficiency programmes.  

The agreement was signed by President and Chairman of VTB Bank Management Board Andrey Kostin, CEO of VTB Factoring Anton Musatov, and Sergei Chemezov, CEO of Rostec Corporation.

Under the agreement, Rostec’s programme  to improve  energy efficiency within the group will be funded with long-term factoring financing as well as  other instruments  aimed at  improving business efficiency. The long-term financing will be provided for up to 7 years.

“Today, Rostec and VTB Group are at the forefront of  a new era in the history of Russian factoring,” President and Chairman of VTB Bank Management Board Andrey Kostin said. “We help companies to introduce energy-efficient upgrades without upfront investment, while they make factoring payments  from their savings on fuel and energy resources. Russia is in dire need of modernisation and technological overhaul. We see a huge new market here, and we are happy to have found a respected partner in  Rostec Corporation.”

“Rostec manufactures a wide range of energy-efficient equipment and is developing a network of “smart cities” which includes various technological features,” CEO Sergei Chemezov said during the signing ceremony. “At the same time, the corporation includes more than 700 companies that need to improve their operational efficiency and optimise costs by reducing fuel and energy spending. VTB’s factoring financing of our energy saving and efficiency programmes is an example of how innovative financial solutions can benefit our business.”