OREANDA-NEWS. November 20, 2008. Within the framework of supporting the Russian regions VTB has extended a RUB 1.5 billion loan to the Saratov Region Administration for a 12-month period. The allocated funds are approved by the Russian Finance Ministry, reported the press-centre of VTB Bank.

The borrowings will be used to finance first priority expenditure articles of the region’s budget governing social stability in the region, namely, payment of salary, social charges and municipal services. 

VTB actively cooperates with the administrations of the Russian constituencies and municipalities helping them meet major challenges in economic, social and financial spheres. The cooperation between the Bank and the Saratov Region Administration started in 2004. Today, VTB is a major lender of the region. Total volume of funds provided by the Bank to the region has reached RUB 5 billion.