Russia’s VTB Bank has provided a non-revolving credit line of $35 million until September 2020 to Pskov Alliance, a LUG Group company.
Part of the funds will be used to finance the construction of Pskov’s first sport and recreation center, housing a water park with a capacity of 800 people per day, a shopping arcade and street, and underground parking for 824 vehicles.
The center is to be completed in the third quarter of 2015.
VTB has provided cash management, loan and deposit services to LUG group since 2011.
The LUG group of companies is a leading developer of residential and commercial property in Pskov and the Pskov region. Its projects include the PIK 60 and Maximus shopping centers.
VTB Bank and its subsidiaries form the VTB Group, one of Russia’s leading financial institutions, offering a wide range of banking services and products in Russia, the CIS, Europe, Asia, Africa and the U.S.