OREANDA-NEWS. May 19, 2010. Sviaz-Bank has opened a revolving credit line of 1 billion rubles to the Novosibirsk Municipality after it was named winner at an auction held for a municipal contract for a loan to be given for the needs of the city budget, reported the press-centre of Sviaz-Bank.

The revolving credit line will be available for two years.

Novosibirsk is the biggest municipality in the Russian Federation. The city’s economy is based essentially on manufacturing, construction, transportation, communications, commerce and services (including the financial sector), science, and science services.