CDB pledges loan to VEB Bank for Affordable Housing for Russian Families Programme built by Chinese companies (linked to #66589)
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Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Russia
Sector
Other social infrastructure and services (Code: 160)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
Yes
Category
Project lifecycle
Description
On November 10, 2014, CDB and Vnesheconombank signed a memorandum of understanding to provide loans for the Affordable Housing for Russian Families program to be built by Chinese companies. The exact amount was not stated, but the head of VEB stated during an interview that it's the equivalent of "about several billion dollars". Part of the funding is coming from an $8 billion loan framework agreement signed in 2015 (#66589). The agreement is to be implemented by JSC Dom.rf (previously known as AHML). In addition to providing loans, VEB and CDB will organize financing of Housing Mortgage Finance Agency(HMFA) programs and will act as financial consultants to the agency. Russia is seekign to increase the amount of affordable housing by 25 million square meters by 2018, or about 500,000 typical two-room apartments. These apartments will be offered at a price 20% below market prices. The family housing program hopes to build 25 million square metres of housing until mid-2017. The apartments will be offered at 20% below market prices.
Number of official sources
4
Number of total sources
6
Details
Cofinanced
No
Direct receiving agencies [Type]
Vnesheconombank (VEB Bank or VEB.RF) [State-owned Bank]
Implementing agencies [Type]
Vnesheconombank (VEB Bank or VEB.RF) [State-owned Bank]