NOMOS-BANK opens credit lines to OOO “Mechanisation Division” with a total limit of 450 mln Roubles
NOMOS-BANK has opened two credit lines with a limit of 250 and 200 mln Roubles respectively to OOO “Mechanisation Division” (“Upravleniye Mekhanizatsiyi”), which is part of “First Construction Fund” Group of Companies. The funds will be used for the construction of two residential apartment buildings in Novosibirsk.
The Bank provided this funding under a joint programme with the Housing Mortgage Lending Agency (AIZhK).
“The Bank has been accredited by AIZhK and tThe Agency has set a limit on credit operations related to the Bank’s participation in the programme, which aims at stimulating lending to developers engaged in the construction of economy-class residential real estate, — notes Dmitriy Kurkov, Head of the Project Finance Division. — The Bank’s participation in this programme helps to minimize the risk of non-performing loans thanks to guaranteed ability to sell mortgages issued on loans to developers”.
The credit line with a limit of 250 million Roubles was provided for the construction of a multi-section
This is not the first project carried out jointly by NOMOS-BANK and “First Construction Fund” Group of Companies. Earlier, NOMOS-BANK participated in financing the construction of “LINOCOLOR” brick factory in Novosibirsk, which was opened in July 2009. The volume of finance that NOMOS-BANK provided to the initiator of the project — “First Construction Fund” Group of Companies, — amounted to circa 1.5 milliard Roubles. A part of those funds — approximately 0.5 milliard Roubles — was drawn by NOMOS-BANK under special funding arrangements with the participation of Euler Hermes export-credit agency (Germany).
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OAO “Agency for Housing Mortgage Lending” (AIZhK) was established in September 1997 in the form of open joint-stock company with 100% state capital.
The purpose of the Agency’s activity is to develop a federal system of housing mortgage lending in Russia and to ensure the inflow of investment resources to that sector, as well as to form a mechanism for the protection of investors’ rights and legitimate interests.
The main priority of AIZhK, which was established by the Government of the, is to ensure the availability of sufficient liquidity for Russian commercial banks offering long-term loans to retail clients, by means of purchasing rights of claim on such loans. For that purpose, the Agency draws funds by means of placing securities in Russian stock market.
As of 15 March 2010, the Agency hasre-financed over 170,000 mortgages for a total amount of 140.5 milliard Roubles.