The Ministry for the Development of the Russian Far East and Arctic and VTB have agreed to develop the transport and port infrastructure of the North Sea Route and to finance projects in priority sectors. This is reported by TASS.

'The Ministry for the Development of the Russian Far East and Arctic and VTB Bank have signed a cooperation agreement. The document aims to expand cooperation in transport and port infrastructure of the North Sea Route, finance projects in priority sectors, develop new tools for development, state support and public-private partnerships,' the Ministry for the Development of the Russian Far East and Arctic said in a statement.

The corresponding agreement was signed by Vitaly Altabayev, Deputy Head of the Ministry for the Development of the Russian Far East and Arctic, and Valery Lukyanenko, Deputy President and Chairman of the Management Board of VTB Bank.

'The Ministry for the Development of the Russian Far East and Arctic, taking into account new challenges, is updating and fine-tuning state support mechanisms, which have already enabled the launch of 945 new investment projects in the Arctic worth over RUB 2 tn. There is much work to be done, and VTB Bank, as a strategic and reliable partner, will take an active part in it—both in implementing investment and social initiatives,' Altabayev's words are quoted in the statement. 

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