OREANDA-NEWS. May 24, 2011. VTB Bank has won a series of electronic auctions held by the Yuzhno-Sakhalinsk administration for the right to enter into municipal contracts to provide lending to the city budget, reported the press-centre of VTB Bank.

As a result of the auctions, VTB Bank Khabarovsk Branch and the city administration signed a number of contracts for a total amount of RUB 600 million. The funds will be channeled to finance key budget expenses of Yuzhno-Sakhalinsk that are crucial to the city’s social stability.

“VTB Bank intends to expand cooperation with the administration of Yuzhno-Sakhalinsk. In particular, VTB is planning to participate in projects aimed at modernizing the city’s infrastructure”, Valery Lukyanenko, member of VTB Bank Management Board, said.

VTB has been traditionally cooperating with administrations of Russia’s constituent entities and municipalities to assist the regions in solving their priority economic, social and financial issues.