Published: May 14, 2013
Russian bank lends republic RUB1.1bn across six contracts.
Russia’s VTB Bank is signing six state contracts worth RUB1.1bn (US$35mn) to lend to the Republic of Karelia in northwest Russia.
The deals follow several open auctions to tender for the contracts with the republic’s ministry of finance.
The money will be lent in revolving credit lines with tenors of 18 to 36 months and will be used for financing the republic’s budget.