OREANDA-NEWS. December 19, 2012. Within the framework of its business development strategy the Bank of Moscow actively cooperates with both the Moscow Area Government and suburban municipalities.

At the past open auction the Bank of Moscow won the right to conclude a governmental contract for extending loans totalling 3 billion RUR to the budget of the Moscow Area. The loans will be used to cover the 2013 budget deficit and repay government liabilities. The loan term is 2 years.

It was the third auction for the right to extend loans to the Moscow Area that the Bank of Moscow won this year. As a result in 2012 the Bank of Moscow will grant loans to the Moscow Area Government to the total amount of 9 billion RUR.

In addition to the Moscow Area Government the Bank of Moscow directly cooperates with 11 suburban municipalities extending loans to cover the local budget deficit. As a result in 2012 the Bank of Moscow won 39 auctions to the total amount of 2.5 billion RUR acquiring the right to extend loans to the cities and regions of the Moscow Area.

"Winning the auction is another step towards strengthening partner relations with the Moscow Area Government", stated Alexander Sharykin, Senior Vice President of the Bank of Moscow. "The Bank of Moscow will actively develop its cooperation with the suburban administrations and municipalities of the region laying emphasis on supporting infrastructural projects".