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VTB Bank to Get RUR 100BN from Govt
30.12.2014 14:50
VTB Bank to Get RUR 100BN from Govt
Photo Credit: http://omoskva.ru

VTB Bank is expected to get 100 billion roubles from the National Wealth Fund to help it overcome the Western-imposed sanctions that limited access to long-term capital.

      According to the official website, the government will place a 30-year deposit with the second-largest national lender.

      The press release was posted Tuesday.

      Earlier, Russia-IC reported that VTB inked a deal to finance a vital transport link between Moscow and St. Petersburg.

      According to the statement, Two Capitals Highway, a VTB Capital subsidiary, and Vnesheconombank (VEB) have signed a cooperation agreement to finance, build and operate two sections of the M-11 Moscow-St Petersburg toll motorway.

      The agreement applies to two stretches, 543 km-646 km and 646 km-684 km.

      “The memorandum outlines VEB’s intention to participate in financing the project alongside VTB on the agreed terms of the concession agreement for the 140-km section of the M-11 previously signed between State Company Russian Highways (Avtodor) and Two Capitals Highway,” reads the press release.

      “VTB Bank is financing the project, in which it is also a shareholder, while VTB Capital is acting as financial consultant,” the statement goes on to say.

      Capital investment in the project will total about RUB 76.8 billion and will be financed through a state grant of RUB 57.6 billion, as well as external financing and funds provided by the shareholders. Construction is slated to begin in early 2015 and is scheduled for completion in 2018.

       




Author: Mikhail Vesely

Tags: VTB Group VTB Bank Russian banks   

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