OREANDA-NEWS. September 16, 2009. The Bank of Moscow is participating in implementing the Moscow Government target programme for building garage-parking lots and is a financial partner in the "People’s Garage" project.

Under the preliminary agreement concluded by the person buying a garage or parking place with the develop company, the buyer is required to draw up with the Bank of Moscow an irrevocable letter of credit within 20 business days of concluding the preliminary agreement for the purchase of a specific garage or parking place reserved by the preliminary agreement.

"By participating in the "People’s Garage" programme as a financial partner, we are providing the people of Moscow with a modern and high quality service", comments Andrey Lapko, Vice-President of the Bank of Moscow. "The letter of credit issued by the Bank of Moscow is a sort of guarantee of the transaction for citizens wishing to acquire a garage of parking place."

To draw up a letter of credit for purchase of a garage or parking place, contact the department of the Bank of Moscow implementing the given programme.