The results of the open auction on the right of conclusion of credit line contracts have been summed up.

According to the results of the auction on financing of activity of IDGC of North-West, JSC VTB Northwest bank will grant a loan for the sum of RUR 1.5 bn.

“In the time of the world financial crisis, IDGC of North-West, as well as many other enterprises, has troubles with involving extra funds. Now, when banks are reducing credit programmes and toughening requirements to the borrowers, it is becoming extremely difficult to receive a credit", said Anna Povetkina, Head of the Department of Finances and Corporate Financing, IDGC of North-West, JSC. Nevertheless, according to her, on 26 February, 2009, applications on 7 lots out of 10 were submitted for participation in the next open auction on the right of  conclusion of credit line contracts.

The applications that were sent by VTB North-West bank, the Company's strategic partner, were recognised as conforming to the requirements and terms envisaged in the auction documentation. 

Being a natural monopoly entity, IDGC of North-West, JSC  may enter into a crediting contract only by results of an open auction according to the positions of federal law No94-FZ as of 21 July, 2005.