Russia’s Sberbank to finance priority investment projects of Karachay-Cherkessia

The government of Karachay-Cherkessia and the North Caucasus Bank of Russia’s Sberbank will form a working group for development and implementation of a special program for subsidizing housing loans, RIA Novosti reports.

Complex cooperation was discussed at a meeting of Karachay-Cherkessian Leader Rashid Temrezov and President of the North Caucasus Bank of Sberbank Peter Koltypin.

The bank will support small and medium-scale business in Karachay-Cherkessia within the framework of the Strategy of the North Caucasian Federal District, development of housing and implementation of a universal electronic map of the republic.

Koltypin expressed readiness to invest in the economic development of the republic. He has already decided to invest in the Quest-A Company, which is building the first full-cycle fur-processing factory. The bank is also considering realization of a business project of Hammer, building an eco-friendly animal farm in Karachay-Cherkessia.

The North Caucasus Bank operates in Stavropol Territory, Dagestan, Ingushetia, Kabardino-Balkaria, Kalmykia, Karachay-Cherkessia, North Ossetia and Chechnya. It invested 75.6 billion rubles in 2011. The bank increased its credit portfolio of corporate clients by 20.6% to 94.2 billion rubles last year. The credit portfolio of retail credits increased 1.4-fold to about 54 billion rubles. The small business credit portfolio increased by 25% to 29 billion rubles last year.