OREANDA-NEWS. On June 08, 2008 The Black Sea Trade & Development Bank (BSTDB) made available a 7-year USD 38 million loan for mortgage financing to AKB “Evrofinance Mosnarbank” (Russia), reported the press-centre of Evrofinance Mosnarbank.

The loan proceeds will be on-lent to individual Russian clients to finance residential mortgage loans. The BSTDB financing will support “Evrofinance Mosnarbank” to better service the rapidly growing mortgage financing needs of its retail clients.

Signing the loan agreement, Hayrettin Kaplan, BSTDB President said: “We are happy to contribute to the implementation of the Russian national priority to improve the housing situation in the country and facilitate access of Russian citizens to affordable mortgage financing. It is important to note that the BSTDB facility is manly targeting the people with medium size income, thus responding to the needs of the country and the BSTDB development mandate”.

Mr. Ilya Lomakin, the CEO of AKB “Evrofinance Mosnarbank” stressed that “this loan represents another step in developing the bank’s programs addressing an important issue for the establishing middle class in Russia to access mortgage financing. As a result of efficient work of experts of our two banks, the Loan Agreement was prepared in a very short period of time. We hope to continue our mutually beneficial cooperation with BSTDB".