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Russian Bank to Support Domestic Tourism in the Far East and the Arctic

Russia far east tourism - Magadan

VTB Bank, one of the leading universal banks of Russia, and the Russian Ministry for the Development of the Far East and the Arctic have signed an agreement at the Eastern Economic Forum 2021 to support domestic tourism in the Far East and the Arctic.

The bank plans to increase its loan portfolio in the tourism industry of the region. Today, with the participation of VTB, projects worth more than 20 billion rubles (USD $275m) have been launched and are to be implemented across the Far Eastern Federal District.

The agreement was signed at the forum by Denis Bortnikov, Deputy President and Chairman of the VTB Management Board, and Pavel Volkov, State Secretary and Deputy Minister for the Development of the Far East and the Arctic. The Bank and the Ministry plan to jointly develop and implement programs aimed at supporting projects of medium and small businesses in the field of tourism.

Denis Bortnikov, Deputy President and Chairman of the VTB Management Board, said, "With the growth of domestic tourism, regions in Russia have an increased need for greater tourist and urban infrastructure. To solve these problems, joint efforts involving the state and private sector, as well as effective mechanisms of bank financing are vital. The tourism industry in the Far East has great potential.  VTB already has experience working with similar projects in the Khabarovsk Territory, the Sakhalin Region, Primorye, Buryatia, and Kamchatka. The agreement with the Ministry of Regional Development serves the interests of both the region's business and its residents. It is strategically important for us that jobs will be created for them with the development of infrastructure, and the economy of the regions will receive an additional incentive. In general, this will affect the level of well-being of the population."

Pavel Volkov, State Secretary-Deputy Minister for the Development of the Far East and the Arctic, commented, "The Far East has huge potential for the development of domestic tourism. Increasing the tourism potential will have a positive impact on the socio-economic development of the region, small and medium-sized businesses will be able to develop, and new infrastructure will appear. Our main task is to find opportunities to increase the tourist attractiveness of the Far East. For our part, we will provide comprehensive support to these projects. "

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