Lenfilm to get VTB loan for revamp
ST. PETERSBURG. Nov 12 (Interfax) - VTB Bank has decided to allocate a loan to the Lenfilm film studio in St. Petersburg for an overhaul, Lenfilm Board Chairman Fyodor Bondarchuk told the press Saturday.
"The bank has been chosen - it is VTB. We will work with them," he said.
Russian Culture Minister Vladimir Medinsky said President Vladimir Putin had decided that the Lenfilm loan would obtain a government guarantee.
"There is great news today: President Vladimir Vladimirovich Putin decided to ensure a government guarantee for the loan that Lenfilm will get for renovation. This will give a one hundred per cent guarantee that Lenfilm will remain state property. The film studio will not be privatized," he said.
The Lenfilm development plan envisages a 1.5 billion ruble loan for 10 years. The first tranche should be 300 million rubles and the interest rate is currently being discussed.