OREANDA-NEWS. November 8, 2007. A meeting of Boris Gryzlov, Chairman of the State Duma of Russia, and Andrei Kostin, VTB Chairman and CEO, took place.  
Macroeconomic and financial stability of Russia was among the major subjects at the meeting.

The State Duma Chairman and VTB Head also discussed issues related to VTB participation in developing priority lines of industry in St. Petersburg and implementing the most important social programs. The city has huge economic and innovation potential. Here we have science, education and high-tech industries brought together. Housing construction is growing dynamically and this year we are planning to build 2.6 million square meters. But these are rather large-scale projects. That is why all enterprises issuing new products and all citizens entering mortgage programs need affordable credits. Therefore, VTB’s participation is extremely important, said Boris Gryzlov.

In his turn, Andrei Kostin said: Our bank has been actively developing mortgage lending to households and, we are also implementing a number of large-scale projects in housing construction. VTB Head also noted that under the bank’s support the project named The Sea Front of Europe was implemented to move harmful waste production out of the city, and a multifunctional complex of global dimension with a new urban district would be built.  VTB also finances Nevsky City Hall project of modernizing the territory of old and dangerous buildings of the former tram depot into a unique administrative and business district.

Citing Andrei Kostin, VTB takes an active part in developing municipal infrastructure of St. Petersburg. Thus, considerable financing was channeled to complete a new transit pipeline construction from North-West TPP to the Primorie boiler-house. It was the first project of such scale implemented in St. Petersburg over the past 10 years without raising budgetary funds.