OREANDA-NEWS. June 30, 2011. Sviaz-Bank signed a contract with the Executive Committee of the Kazan Municipality that will have a credit line of 1.5 billion rubles opened for it by Sviaz-Bank for a term of 12 months, reported the press-centre of Sviaz-Bank.

The borrower will use the loan funds in part to reduce its budget deficit and narrow the gap between cash budget incomings and repayment of municipal debts.

“Sviaz-Bank’s branch that opened in Kazan last March is already bustling with business, making loans in particular. Kazan and the Republic of Tatarstan today have a great economic and industrial potential, developed infrastructure, and a favorable investment climate,” said Sergey Volokhov, Vice Chairman of the Bank’s Management Board. “We are establishing our presence here with a loan to finance the city’s budget, and we are ready to lend extensively to businesses in the city and the republic to promote the region’s sustainable economic development and improvement in the quality of life here.”