OREANDA-NEWS. Vneshtorgbank (VTB) and the Government of the Penza Region signed a Cooperation Agreement aimed at strengthening and developing the long-term mutually advantageous partnership between the Parties.

The Agreement stipulates VTB lending to the institutions carrying out important projects for the regional economy, and also handling of federal funds and settlements within the national programmes implementation.

Besides standard banking services, the cooperation of the Parties will include joint efforts in implementing investment and other programmes and projects on small, mid-sized business development and entrepreneurship support.

Under the arrangements, VTB will participate in activities aimed at forming and developing the securities market of the Penza Region, and working out the regional foreign trade strategy.