Russia's VTB Bank announced on Wednesday that it extended a $25 million, three-year documentary credit line to the Irkutsk Region Road Service.
The money will be used to finance operations, secure commitments under state contracts and allocate tender fees.
IRRS and VTB signed a master agreement for $20 million of VTB guarantees for the company's commitments under state road upkeep, maintenance and construction contracts in the Angara region.
"Roads are, without exaggeration, vitally important infrastructure elements, particularly in such a big country as Russia," Mikhail Oseevskiy, the deputy president and chairman of VTB, said. "It is for this reason that cooperation between VTB Bank and the Irkutsk Region Road Service will serve to develop the economic potential of the Angara region and improve the quality of life of each person in the region."
The IRRS is responsible for a total of 150 miles of federal roads and 7,000 miles of regional roads.
"To be successful, any commercial business should have reliable partners," Radik Farazutdinov, the director general of IRRS, said. "A bank that is ready to support a business will always develop, as will its client. I am sure that our cooperation with VTB will be long-term and mutually beneficial."
More Stories
- EUROPEAN INVESTMENT BANK: Bosnia and Herzegovina: EIB provides €340 million to advance works on northern part of Corridor Vc
- ABN AMRO SERVICES COMPANY: Fempower Your Growth: like tindering with female entrepreneurs
- EUROPEAN INVESTMENT BANK: Egypt: Team Europe - EIB and Banque Misr work together to support private businesses and speed up the recovery of SMEs from COVID-19
- ASIAN DEVELOPMENT BANK: ADB, NNS Sign Loans to Build Milestone Solar Power Project in Uzbekistan
- ASIAN DEVELOPMENT BANK: $123 Million ADB Loan to Help Build Elevated Walkways in Manila
- EUROPEAN INVESTMENT BANK: Germany: EIB provides €15 million of funding to IDnow
- ASIAN DEVELOPMENT BANK: CAREC Endorses Long-Term Strategy to Promote Safe, Sustainable, and Inclusive Tourism
- EUROPEAN INVESTMENT BANK: EIB Group provides €150 million to support artificial intelligence companies
- ASIAN DEVELOPMENT BANK: ADB Approves $430 Million to Help Rehabilitate Power Distribution Networks in Uttar Pradesh, India
- EUROPEAN INVESTMENT BANK: Greece: EIB backs EUR 470 million road safety scheme