VTB Bank will grant a $43.6 million credit line to Mineralnye Vody International Airport through its management company, Aeroinvest, for a period of nine years, the bank said Thursday.

The credit line will largely be used to renovate the domestic and international terminal areas for arriving passengers.

“Mineralnye Vody is one of the fastest-growing regional airports in Russia and a major transport hub in the North Caucasus Federal District. The cooperation agreement was signed at the airport’s new terminal," Mikhail Oseevskiy, deputy president and chairman of the VTB Bank Management Board, said.

Aeroinvest CEO Yegor Solomatin said the airport expects to have increased traffic in the future, citing the airport's growth into one of the federation's busiest travel hubs.

"The loans provided by VTB will be used to renovate the domestic and international arrival halls, including a hall for those meeting arriving passengers. The project is scheduled for completion in spring 2016,” Solomatin said.