OREANDA-NEWS. May 03, 2011. Vnesheconombank has provided the first bank guarantee in favor of Gazprombank under the Program of Vnesheconombank’s Investments in Affordable Housing Construction and Mortgage Lending in 2010-2013. The Program was approved by Vnesheconombank’s Supervisory Board. Gazprombank became the first fully-fledged participant in this Program.

The Program of Vnesheconombank’s Investments in Affordable Housing Construction and Mortgage Lending provides for using the mechanism for refinancing mortgage credits through investing a funded portion of the labor pension and Vnesheconombank’s own funds in the total amount of 150 billion rubles in mortgage-backed bonds in order to encourage mortgage lending and make it more affordable to the general public by way of reducing an interest rate on mortgage housing credits to 11%per annum.

In order to implement this mechanism Vnesheconombank is expected to provide guarantees for a total amount of 150 billion rubles with a validity period of no more than three years (until the end of the Program’s validity period) in favor of mortgage-backed bonds issuers as a security of LLC VEB Capital’s obligations under Agreements on Providing Services On Placing Bond Issues to be Made Under the Program.

OJSC Sberbank of Russia, OJSC Bank Uralsib, OJSC KHANTY-MANSIYSK BANK, Investtorgbank, OJSC TransCreditBank, OJSC Russian Agricultural Bank, OJSC Bank ZENIT and others plan to participate in the Program.