The Head of Nizhny Novgorod City Administration Signed Agreement with 4 Large Russian Banks

This agreement was signed in order to support investors considering tough economic situation. 05.Mar.15 6:56 PM By Anna Nekrasova Photo gorobzor.ru    550

Nizhny Novgorod will cooperate with four largest Russian banks. They include Sberbank, VTB, Alfa-Bank and Promsvyazbank. The agreement with representatives of these commercial institutions has already been signed by the Head of Nizhny Novgorod City Administration Oleg Kondrashev. According to available information the main idea of such agreement is to provide investors with necessary financial support considering rather difficult financial situation in the country. At the same time banks are going to provide additional finances to different perspective investment projects as well as exchange with useful information and experience. Oleg Kondrashev noted that city administration base includes about 500 different investment projects which are already being implemented or will be implemented in the nearest future. 60 of them have been chosen by local authorities as prior projects that influence further development of the city. They are expected to be completed by 2018 when FIFA World Cup will take place. Agreement also includes opportunity of providing necessary credits in order to complete those investment projects. This is due to the fact that city does not have enough funds for their implementation. The head of City Administration noted that support from banks is necessary in such tough economic conditions.

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