Sberbank provides Renaissance Construction with RUB 3 bln soft loan

Jun 26, 2020

June 26, 2020, Moscow — Sberbank has provided Renaissance Construction JSC, a leading general contractor among construction organizations operating in Russia and CIS countries, with a subsidized loan totaling RUB 3 bln.

The lending meets Decree No. 582 as of April 24, 2020, approved by the Government of Russia. According to its terms, soft loans will be arranged for strategic enterprises at the rate not exceeding 5% per annum.

Under the terms of the program, the company will be able to use borrowed funds to pay wages, insurance premiums, rent premises and equipment, make repairs, purchase raw materials and components, tools, pay utility bills, transportation costs, communication services, etc.

Vladimir Sitnov, Senior Vice President, Sberbank,

“Renaissance Construction Group has been a Sberbank customer for over 20 years. The companies of the group are part of the most important construction projects in Russia for many of which Sberbank acts as the guaranteeing bank. Sberbank providing a subsidized loan as part of the program to support systemically important enterprises was a logical continuation of cooperation between our companies. The RUB 3 bln in financing is provided until March 2021.”