VTB’s Loans at 2% Helped Support 1 Million Jobs

During its work under the state loan programme for the resumption of activities, the VTB bank has provided support to clients, designed to save more than 1 million jobs. The bank has issued 21,000 loan agreements at 2 per cent per annum in the amount of over 92 billion rubles, om1 reports.  

The State Restructuring Lending Programme was launched on June 1, 2020, and aims at supporting industries affected by the COVID-19 pandemic. It is noted that the programme was implemented using the digital platform of the Federal Tax Service of Russia based on blockchain technology, which provides programme participants with access to the necessary information services.

It is specified that if the number of employees remains more than 90 per cent, the loan debt under the programme will be completely cancelled, while maintaining the number of more than 80 per cent, the state will reimburse banks 50 per cent of the borrower’s debt.

Ru-Main, 21.11.2020 

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