VTB Bank has extended a US$992mn credit line to Russian Railways (RZhD), the largest transport company in Russia.

The finance has a tenor of two years, but a VTB spokesperson was unable to confirm the pricing to GTR.

The loan will be used to support RZhD’s operations and is part of “a longstanding strategic partnership” between the two organisations.

VTB vice-president Andrey Burlinov says: “VTB appreciates the company’s dedicated effort to expand its transport business and its commitment to integration with the Euro-Asian transport system.

RZhD is one of the world’s top three railway operators. VTB is ready to provide a full range of financial services to the national leader in this sector in every market where it is present. I am confident that our co-operation will not only promote the growth of VTB and RZhD, but will also make Russia’s economy more competitive in the long run.”