OREANDA-NEWS. September 04, 2009. Uniastrum and the Nizhegorod Administration signed an agreement that is all but guaranteed to boost the region’s real economy sector, reported the press-centre of Uniastrum Bank.

The agreement was signed at the 10th All-Russia Banking Forum, held as part of the Nizhegorod trade fair. Signing for the local administration was the region’s Governor and Chairman of Nizhegorod Administration, Valery Shantsev. Also present were the Nizhegorod region’s Minister for Industry and Innovations, Nikolai Sataev, and Deputy Finance Minister Natalia Lobanov, as well as head of CBR’s Nizhegorod division Stanislav Slitzyn. Signing for Uniastrum Bank was its President, Gagik Zakaryan, accompanied by BoD Chairman George Piskov and the lender’s Nizhegorod branch manager, Nadezhda Malova.

The signing was also attended by Garegin Tosunyan, President of the Association of Russian Banks. Under the Agreement, between 2009 and 2011 Uniastrum Bank is to disburse more than Rb 4 billion (four billion) in loan schemes and render other financial services to real sector enterprises based in the Nizhegorod region, specifically up to Rb 1 bn before year-end 2009, Rb 1.5 bn in 2010, and another Rb 1.5 bn in 2011. In its turn, the Nizhegorod Region Administration will be responsible for coordinating a number of joint projects, while also helping to subsidize interest rates and provide loan guarantees.

Thanks to the Agreement, the Nizhegorod region can now move ahead with plans to:
bolster its economic and industrial potential
organize the mass production of new products
develop its agro-industrial complex
scale up output of competitive, export-oriented and import-substitute products
upgrade fixed assets and retool production facilities with state-of-the-art technologies
extend the range of high value-added products manufactured using existing facilities
reform the region’s housing and utilities infrastructure
promote local small and mid-sized businesses
operate community and youth programs

“Nizhny Novgorod is one of Russia’s key economic hubs,” says Uniastrum President Gagik Zakaryan. “Our local branch there has been operating since 2005, and, moreover, is one of the most successful. As regards our priority lending focus for this region, we’re looking particularly at trading enterprises, food producers, agriculture and transport. We are hopeful that teaming up with the regional Administration will be to the benefit of all concerned and be conducive to spurring robust economic growth in the Nizhegorod region.”