Russia: According to ENP Newswire, VTB Bank and Volma have signed two loan agreements worth Euro9.55m over three years. Volma will use the funds to finance the construction of a new plant in the Republic of Adygea and to increase its working capital.
"Supporing manufacturers is one of the bank's priorities, given the importance of the real economy sector to Russia. Volma is a major producer of finishing materials and a serious competitor for West European companies. I'm sure that the bank's support will help it strengthen its position both in Russia and in foreign markets," said Mikhail Oseevskiy, deputy president and chairman of VTB Bank management board.
"VTB Bank is very important for Volma's growth, especially in the current difficult economic situation. It is a strategic financial partner and its assistance has helped us increase our business in recent years,' said Volma director general Vladimir Ovchintsev.
