LSR Group gets € 734 million investment package
By Steve Skinner21 June 2010
Vnesheconombank, the State Corporation Bank of Development and Foreign Economic Activity in Russia, has agreed to provide RUB 28 billion (€ 734 million) of project funding to LSR Group.
The agreement will enable LSR to construct a cement plant at Slantsy in the Leningrad region and a brick plant in the Kirovsky district of Leningrad.
A spokesperson from LSR Group said, "The agreement will also see Vnesheconombank and its subsidiary banks provide mortgage funding, designed to encourage demand for properties constructed by LSR Group's subsidiaries.
A statement said the funding agreement was designed to establish a strategic partnership to develop long-term, effective and mutually beneficial cooperation regarding the investment projects and programmes of LSR Group in the production of building materials and housing construction.