OREANDA-NEWS. Sberbank and Sibakademstroi Construction and Industrial Limited Liability Company signed an agreement to open a non-revolving line of credit with a RUB 895 mln limit. The credit facility was provided by Sberbank's Zapadno-Sibirsky Bank and will be used for project financing of residential real estate construction.

"Project financing is an essential measure for supporting developers, especially given the current conditions," commented Andrey Sokolov, Head of the Large and Medium Business Development at Sberbank.

"Through this deal Sberbank has acknowledged the stability of our company, the efficiency of our business plan, and the fact that we possess all the necessary permits and project documentation. In addition, the 'project support' model serves as a guarantee that construction will be completed on time, which reduces the risks involved when buying real estate during the construction stage," commented Mikhail Ansimov, Executive Director of Sibakademstroi CI LLC.