Sberbank lends Renaissance Construction RUB 3bn

by   CIJ News iDesk V
2020-07-01   12:29

Sberbank has provided the construction company Renaissance Construction JSC with a subsidized loan totaling RUB 3bn. The loan has been approved by the government and is sanctioned under a decree on support measures passed in April. The company will use the funds in order to pay wages, insurance premiums, and to cover costs associated with rent, equipment, repairs, raw materials and tools, and utility bills.

Senior Vice President Vladimir Sitnov said that Renaissance Construction has been a Sberbank customer for over 20 years and that it's involved in numerous projects that are of strategic interest to Russia together with the 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," he said. "The RUB 3bn in financing is provided until March 2021."