OREANDA-NEWS.   The Black Sea Trade and Development Bank (BSTDB) is providing a USD 40 million loan to the Russian Promsvyazbank for financing residential mortgage loans to private individuals. The maturity of the loan is seven years.
 
The operation will provide much-needed additional resources for the development of the mortgage market in Russia and respond to the Russian government priority to improve housing conditions.
 
Andrey Kondakov, BSTDB President, said: “We welcome this agreement aiming at improving living standards for Russian people. The BSTDB financing increases the accessibility of affordable long-term mortgage loans and also supports the residential real estate market and related industries in Russia”.