Housing, utilities’ concessioners to get “special credit” in Russia

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Housing, utilities’ concessioners to get “special credit” in Russia
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In order to attract financing in housing and utility sector of Russian, a special credit program is being developed, the pilot fully packaged product of which might be launched until the end of the year.

This is what Deputy Head of the Construction Ministry of Russia, Andrey Chibis, said on the 30th of September at a session of the working group for housing and utilities chaired by Vice Prime Minister of Russia, Dmitry Kozak.

The Construction Ministry jointly with credit institutions partially owned by the government elaborate a plan for the creation of credit programs intended to attract funding in the housing and utilities industry. A “special credit” developed by Sberbank, a state-owned bank, might become the first such program.

This program is planned to be launched in the Tula region as a pilot project, the federal government has already reached an agreement with the regional authorities on testing innovative financial instruments in the housing and utility sector.