OREANDA-NEWS. October 08, 2012. VTB Bank has signed a cooperation agreement with the government of Ufa, the capital of Bashkortostan. The deal was signed by Ufa Mayor Irek Yalalov and Mikhail Oseevsky, Deputy President and Chairman of the Management Board of VTB Bank, reported the press-centre of VTB Bank.

The two sides intend to develop transport, engineering and other infrastructure, as well as to realize other important social projects in Ufa.

At the meeting, the officials discussed the Ufa government’s investment plans that VTB might be interested in joining. Some 20 investment proposals are on the table, and the bank is already considering road infrastructure and hotel business projects. One of the projects under discussion involves the construction of a four-star hotel in Ufa with an investment of 2 billion rubles (\\$64 million).

“VTB intends to expand cooperation with priority sectors and key companies in the Republic of Bashkortostan. We believe this region has great potential and the regional government has shown commitment and determination to implement advanced projects, primarily in infrastructure development and road construction. The capabilities and extensive experience of VTB Group should prove useful for this region,” Oseevsky said.