Sberbank will before this month is out extend Mirax a $370 million credit for the completion of the Vostok tower in the Federation complex of the Moscow City development, Sberbank deputy chairman Andrei Donskikh told reporters Tuesday.
"If there is no force majeure, we are in principle ready to begin financing in April," Donskikh said.
Donskikh said problems tied to the recall of authorization to build the tower have been rectified. "The go-ahead for construction has been returned to Mirax," he said. He added that the loan to Mirax is being provided as part of project financing. Development sites used as part of the project are the collateral on the loan, as well as construction sites owned by the project's initiator.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
