VTB Bank, the Orenburg regional government and ListPromStroy recently signed a state contract to construct an oncology center and a loan agreement to finance the project in a public-private partnership.
The documents were signed by VTB Bank Management Board Member Chaba Zentai, First Deputy Governor and First Deputy Prime Minister of the Orenburg Region Sergei Balykin, and ListPromStroy CEO Sergei Petrov.
VTB will issue a seven-year, $27 million loan to ListPromStroy - the project's general contractor - to build the center in the Orenburg town of Orsk.
In addition, the bank has issued the contractor a performance bond in favor of the customer - the Orenburg Region State Publicly Funded Agency for Housing, Utilities and Social Construction - for $3.8 million over a 2.5-year period.
"We are pleased to have this opportunity to provide long-term investment for this vital social project as a public-private partnership," Zentai said. "PPP is an effective form of financial cooperation between state and business that can address regional infrastructure problems in a targeted way. I am confident that the project will drastically improve the healthcare system and people's quality of life in the Orenburg Region."
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