OREANDA-NEWS. VTB and Setl City, a part of Setl Group, have signed a credit agreement to finance the construction of the Nevskiye Parusa (Neva Sails) residential complex in St. Petersburg’s Nevsky District. The bank has opened a five-year 5-billion-rouble credit line.

The funds will go towards the construction of all four stages of the residential complex and a kindergarten for 220 children. The project covers building 140,000 sq m of apartments and commercial space as part of a redevelopment programme on a 10-hectare land plot.

“Setl Group is a long-standing client with a reputation as a reliable business partner that shows excellent performance and business effectiveness. I’m confident that the new residential area that the company is building on the panoramic banks of the Neva River, which blends harmoniously into the city skyline, will be duly appreciated by city residents,” Member of the VTB Bank Management Board Denis Bortnikov said.

“VTB Bank is a key partner in financing construction projects,” Setl Group CEO Yan Izak said. “In conjunction with VTB, we have completed seven residential and commercial construction projects and another project, in addition to Nevskiye Parusa, is also underway.”