OREANDA-NEWS. On December 19, 2008 a meeting of Gennady Soldatenkov, VTB Deputy Chairman and Valery Shantsev, Head of the Nizhny Novgorod Region took place in Nizhny Novgorod, reported the press-centre of VTB.

During the meeting the Parties discussed the implementation of Cooperation agreement signed between the Bank and the Sverdlovsk Region Administration in December 2005.

Acting in compliance with the Agreement aimed at developing socially significant sectors of economy and increasing investment potential of the region, the Bank effectively cooperates with the Nizhny Novgorod Region in financing important programs of economy and infrastructure. “The Bank intends to support the Government of the Region in implementing socially significant tasks in the current unfavorable economic situation, and actively participate in the investment life of the Region”, said Gennady Soldatenkov.

Today, prompt support from the Russian Federation and the Bank of Russia to the national economy allows VTB to dynamically enhance funding of the real economy, including enterprises and companies of the Nizhny Novgorod Region.

In September-November 2008, the Bank provided the regional enterprises with more than RUB 3.4 billion.

The funds were channeled to GAZ Group, OJSC Volgatelecom, OJSC Lukoil Nizhegorodnefteorgsintez, BCR – Avtocom, LLC TSS Firm, LLC Holding Vera-NN, Orghim Trading House, GK VKT, LLC Maslokombinat Nizhegorodsky, Komash Trading Company and OJSC RUMO.

Also, increased financing is being offered to the municipal authorities. As of 1 December, VTB has extended RUB 95 million to the Nizhny Novgorod municipalities.