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Otkritie FC Bank to Take Part in a Project Financing Programme of the Russian Ministry of Economic Development

28.01.2015

Otkritie FC Bank is among the lending institutions selected by the Russian Ministry of Economic Development to participate in the programme for the support of investment projects financed using project loan proceeds.

The decision was made at the second meeting of the interdepartmental commission of the Ministry of Economic Development for the selection of investment projects of Russian lending and international financial institutions. 

The programme for the support of investment projects financed using project loan proceeds was approved by the Russian Government in October 2014.  

To qualify as a programme participant, an institution must at least RUB 100 billion in equity and at least 10 investment projects, each worth RUB 3 billion or more, in its pipeline for the last 3 years.  

The programme will be loan financed by the Bank of Russia. The rate of interest on a loan granted for an investment project should not exceed the official bank rate set by the Central Bank plus 1 percent per annum. 

It is expected that up to RUB 500 billion worth of loans will be granted using the new project financing mechanism by the end of 2018. Loans granted under the programme will be secured by state guarantees of up to RUB 125 billion in 2015–2018.