OREANDA-NEWS.  July 21, 2014. VTB Bank has opened a USD 390 million credit line to Mospromstroy Group to help expand the company’s hotel business. The deal has been signed for seven years and includes refinancing of Mospromstroy’s foreign loans.

VTB has also increased the total credit limit of RUB 11.2 billion — set to finance Mospromstroy Group’s core business of residential and commercial real estate development — to RUB 20.1 billion.

"Mospromstroy Group is a reliable partner of VTB and has always met its obligations under previous agreements," VTB Senior Vice President and Head of the Development Projects Department Pavel Kosov said. "Lending to hotel developers is a promising business for the bank, which it has been actively expanding both in Moscow and in the regions, to diversify the credit risk in its construction portfolio. This and similar deals will certainly contribute to the development of the hospitality industry in general".