Russia's VTB Bank has issued a two year, $42 million guarantee to the Ufa-based Bashkiravtodor as part of its strategy of developing its business with infrastructure management companies.
The guarantee concerns the fulfillment of a two year state road maintenance and repair contract the company signed for 2014-2015 in the Volga region of Bashkortostan.
"The development of infrastructure industries contributes towards meeting a wide range of social and economic targets," Valery Lukyanenko, a member of VTB Bank's management board, said. "One of VTB's key aims is to support companies in this sector."
Bashkiravtodor operates a large fleet of construction and road-maintenance equipment and owns several asphalt and concrete plants.
In addition to road construction, repair and maintenance, the company manufactures building materials and structures and provides engineering services as well as transport and logistics.
VTB Bank and its subsidiaries form VTB Group, a leading Russian financial company offering a wide range of banking services and products in Russia, CIS, Europe, Asia, Africa and the U.S.
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