Sberbank will finance the construction of two phases of the Novella housing estate in Krasnodar which is being developed by a subsidiary of the AVA Group. The developer will receive total financing of RUB 3.5bn, from which RUB 1.85 bln for the first stage of the construction and RUB 1.65 bln for the second stage.
“AVA Group is a time-tested partner of Sberbank, with which we’ve signed a cooperation agreement and implemented several large projects,” said Vladimir Sitnov, Senior Vice President, Sberbank. He said the bank had provided the developer with RUB 1.85bn in financing through 2023 under the soft lending program for SMEs run by the Ministry of Economic Development. “Next year, we plan to continue to finance the company’s projects and will allocate RUB 1.65 bln to construct the second stage of Novella.”
