VTB finances housing construction for the Russian Ministry of Defense
21 July 2010
JSC VTB Bank has set a RUR 1.683 bln credit limit to the Southern Construction Communication Company LLC (SCCC) to finance projects being implemented for the Russian Ministry of Defense. The loan is provided within the policy of new banking decisions to finance the construction of economy class housing. VTB Bank Branch in Krasnodar acts as a nominating bank.
The SCCC is a developer of the projects implemented for the Ministry of Defense in Krasnodar and Anapa. The total area of housing to be constructed will be 88.8 thousand square meters.
According to Pavel Kosov, VTB Senior Vice President, the current deal is the first of its kind after the beginning of the economic downturn and is a landmark event contributing to the development of the construction projects financing.
VTB and the SCCC have maintained successful cooperation since 2007. In future, the partners are aimed at enhancing the volume of loan operations.
The Southern Construction Communication Company LLC was set up in 1991. Today, it is a diversified and vertically- integrated company, carrying out a full range of operations, such as construction, building and installation, repairing, commissioning, finishing and special construction works, designing of installation procedures and production of construction materials.
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