VTB Bank and the Republic of Tatarstan have signed an agreement to increase their cooperation to 755 billion rubles. The deal was inked by Andrei Kostin, President-Chairman of the Management Board, and Rustam Minnikhanov, Rais of the Republic of Tatarstan and Chairman of the Board of Directors of the Alabuga SEZ, on the sidelines of SPIEF 2024.
Minnikhanov highlighted the bank's proactive role in lending to legal entities. Notably, one of the bank's key corporate clients is the Alabuga Special Economic Zone (SEZ). “I would like to express my gratitude to the bank for its participation in financing large-scale projects at this site,” the RT Rais emphasized.
The new agreement outlines VTB Bank's involvement in the implementation of investment projects within the republic, focusing on the development of the region's industrial potential. Particularly, in 2024, VTB has already approved financing for projects within the Alabuga Special Economic Zone (SEZ) to the amount of 201 billion rubles.
One of the landmark projects currently being implemented with the participation of VTB is the financing of Deng Xiaoping logistics complex, located within the Ethylene 600 industrial park. The total investment volume for this project is approximately 140 billion rubles. Specifically, as part of the first stage of the logistics complex construction project, VTB has already allocated 56 billion rubles. The industrial launch of the logistics complex is scheduled to coincide with the BRICS 2024 summit in Kazan, as part of the Russian Federation's BRICS presidency.
“The signed cooperation agreement between the Republic and VTB Bank will serve as a catalyst for the further development and successful implementation of new joint projects,” Rustam Minnikhanov concluded.
“VTB's development strategy until 2026 prioritizes active support for regional development. We recognize the significance of providing financial, design, and expert assistance for infrastructure projects that drive industrial growth in Russia and enhance the quality of life for its citizens. VTB is currently implementing partnerships in Alabuga Special Economic Zone, and we are prepared to scale this model to new projects in Tatarstan and other regions,” Andrei Kostin stated.
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