OREANDA-NEWS. April 08, 2010. TransCreditBank is expanding its cooperation with Russia’s regional authorities. Having won public tenders, the Bank has extended credit lines amounting to RUB 300 million to the City Administrations of Tomsk and Engels and to the Government of the Republic of Karelia. The funds will be used to finance the regions’ budget deficits and ongoing development needs. The Bank has already disbursed a RUB 100 million 1.5-year credit facility to the Ministry of Finance of the Republic of Karelia.

In March this year, TransCreditBank was announced winner of the line of credit tenders for the Administrations of the Omsk region and the cities of Novosibirsk, Vladivostok and Saratov. The credit lines totaled RUB 1.85 billion, with maturities ranging from 180 to 730 days. The funds, to be disbursed in April this year, will be used to finance the regions’ fiscal deficits.

As a reliable and dynamic financial institution, in the past years TransCreditBank has been able to expand its cooperation with public authorities in Russia, assisting them in social and economic development of their respective regions. In 2007-2010, the Bank provided over RUB 7 billion worth of loans to Russia’s municipalities and regions.