The Bank of Moscow recently opened two credit facilities of RUB 550 million for heating operator Ufimskie Inzhenernye Seti (UIS) to replenish its working capital and to repay debts under previous loans.
The loan has a seven year maturity period and is secured within its entirety with a municipal guarantee.
UIS operates and develops the city of Ufa's infrastructure, supplying hot water and other heating measures to the capital of the Republic of Bashkortostan. The heating and water utility has been a client for the Bank of Moscow since Dec. 2012.
"Supporting the functioning of the region and the city, and developing the cooperation with municipal enterprises is among the priorities of the Bank of Moscow," Director of Corporate Sales Management Department of the Bank of Moscow Evgeny Monin said. "In Ufa, the Bank of Moscow aims to become the key bank financing municipal programmes."