OREANDA-NEWS. January 11, 2011. COOO Minsk-City, a management company within ITERA Group of Companies, and OJSC BPS-Bank (Sberbank of Russia group of companies)  signed an agreement to open an unparalleled program to finance participatory construction and purchase of housing in Minsk-City, a unique region of the Byelorussian capital city. Integration of basic concepts, including the most attractive interest rates, long terms of financing and liberal conditions for fulfillment of obligations, makes the basis of the financing facility. Credit accommodation for the period of 20 years for an amount of up to 85% the value of the construction facility under an interest rate which is 0.5% below that for citizens registered for enhancement of housing conditions, which is only 1.5% above that for all other categories of citizens, is the very best finance offer for private individuals available in Byelorussia today.

"It is thanks to this Program, - Sergei Kiselev, General Director of the management company, stated,  - that Minsk-City would become much better available for those who wish to become inhabitants of such a popular location of the new and modern capital city".

The investment Project being implemented by ITERA is at a stage of the first block of houses construction. 260 thousand square meters of housing, as well as a shopping centre and office centers, parking lots and kindergartens shall be constructed within three years. The first four tower buildings of Minsk-City shall be commissioned in the fall of 2011. The plan is to construct about 3 million sq m of housing and commercial real estate at an area of 318 hectares in downtown Minsk. This is to be accomplished within 12 years.

Vasili Matyushevki, Chairman of the BPS-Bank Management Board, pointed out: "We see this partnership as another step on the way to implementing the new strategy of the BPS-Bank retail business". It is our pleasure that ITERA elected BPS-Bank as its partner, and we hope that our cooperation is to continue soon in two more large-scale projects".