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12 Jan 2017

Sberbank to invest over $100m in real estate in Belarus

MINSK, 12 January (BelTA) – Sberbank will invest over $100 million in real estate in Belarus, Sberbank Chairman of the Board German Gref told reporters after the meeting with Belarus President Alexander Lukashenko on 12 January, BelTA informs.

“Today we have discussed many issues and found approaches to the resolution of virtually all problems connected with the complex projects in distress which were sponsored by Sberbank. We have agreed on the approaches to our participation in the additional financing of complex projects which will be put on the market within two years and which require support from the Belarusian government. We have received comprehensive assistance from the President of Belarus and consequently assumed the obligations on additional financing,” German Gref said.

In his words, more than $100 million will be invested in real estate objects which will be sold later. “We will finish the restructuring of the debt in Q1 2017, and the bank will embark on the program of modernization and improvement,” he added.

The chairman of the board of Sberbank also spoke about the beginning of the new stage in the development of the Belarusian banking market. Among other things, this pertains to the projects to create the digital ecosystem and to provide modern services to clients.

“On the whole, I am satisfied with the results of the meeting. The President of Belarus and I have discussed all the projects in detail. With his political support, we do not have any obstacles for the implementation of these projects,” German Gref added.

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