The Russian Ministry of Economic Development has selected Otkritie FC Bank to participate in project financing programs, the bank said Wednesday.
The program is a federation effort to stabilize and facilitate growth in the economy through investment in development projects and enterprises. The decision to include Otkritie in the programs was made during the second meeting of an interdepartmental commission to determine which banks in the Russian Federation would be the best candidates to support these projects.
Criteria for banks to participate in the program includes having have at least $1.45 billion in equity and having 10 ongoing investment projects that consist of a minimum of $43.57 million over the past three years.
Loans that will be provided within this program are financed by the Russian Federation and funneled through participant banks and financial institutions. The institutions will then invest in projects that are deemed important for development. The banks cannot add additional interest on top of the Central Bank of Russia rate plus 1 percent annually.