VTB and the Ministry for the Development of the Russian Far East agreed to expand cooperation on the SMP project

VTB Bank and the Russian Ministry for the Development of the Far East and the Arctic signed a cooperation agreement. The respective document was signed by Valery Lukyanenko, Deputy President and Chairman of the Bank's Management Board, and Vitaly Altabayev, Deputy Head of the Russian Ministry for the Development of the Far East and the Arctic.

The agreement provides for the expansion of cooperation between the Bank and the Ministry in the sphere of transportation and port infrastructure of the Northern Sea Route. In addition, the document talks about financing projects in priority sectors, development of new development tools, state support and public-private partnership.

According to Lukyanenko, "the projects implemented in the Far East and the Arctic are of strategic importance for the country and require special attention from the government and financial institutions". According to VTB's deputy president, the bank has been involved in financing various projects in the Arctic zone and the Far East since 2012, "taking a leading position over the past few years in terms of financing the creation of the Northern Sea Route infrastructure."

"Currently, the Ministry for the Development of the Far East and the Arctic is updating and fine-tuning previously adopted strategic documents related to the development of Russia's Arctic regions. There is a lot of work to be done, and VTB Bank, as a strategic and reliable partner, will take the most active part in it - both in the implementation of investment projects and social projects," said Vitaly Altabayev.