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A new program of mortgage lending run jointly by Vneshtorgbank and the Foundation for Support and Promotion of Education

28 July 2004

In the framework of cooperation with the Federal Agency for Education Vneshtorgbank has launched a new socially oriented project - mortgage lending for employees in the sphere of education.

The project aims at granting loans on affordable terms to workers in education. The loans up to 500,000 rubles may be obtained at a five percent annual interest rate for the period up to ten years.

The initial stage envisages allotment of 15 mln. rubles as loans to teachers and employees in governmental higher education institutions in Tomsk, thus enabling 40 families to improve their housing conditions in July-August 2004.

The program is being implemented with active involvement of the Foundation for Support and Promotion of Education. In the selection of the program participants took part rectors` offices and trade-union organizations of universities, as well as the Council of Rectors in Tomsk.

Vneshtorgbank and the Federal Agency for Education are planning to extend this project to other regions of Russia.

Granting of loans to employees on favorable conditions will enable the universities to keep their highly-skilled personnel and allow Vneshtorgbank to expand its clientele.

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