OREANDA-NEWS. VTB Bank has signed agreements to provide RUB 5 billion in loans to the Nizhny Novgorod Region after winning five auctions held by the regional Ministry of Finance.

The five revolving credit lines will be available for one year.

In August, the bank won an additional three auctions held by the regional Ministry of Finance, for a total of RUB 3 billion in loans. The contracts concluded between VTB and the Nizhny Novgorod Region in 2015 therefore total RUB 8 billion.

«VTB’s longstanding cooperation with Russian regions involves providing active assistance to deal with a wide range of financial issues. I hope that the financing we provide to Nizhny Novgorod Region budget will have a positive impact on the further economic development of one of the country’s largest regions.». - Mikhail Oseevskiy, VTB Deputy President and Chairman of the Management Board.