VTB provides financing to Vyborg Shipyard

VTB has set a RUB 6.2 billion letter of credit documentary limit for the shipyard. Within the limit, the bank opened several credit lines for an aggregate sum of RUB 4.2 billion to finance the company’s activities and refinance its debt to other banks.

All deals within the limit will be secured by a guarantee of the United Shipbuilding Corporation.

“The cooperation between VTB Bank and United Shipbuilding Corporation is of a systemic and long-term nature and promotes the competitiveness of Russian shipbuilding and Russia’s economy in general,” Valery Lukyanenko Member of VTB Bank Management Board, said.