Russia launches 3–5% credit plan for hotel building, repairing

MOSCOW, Jul 9 (PRIME) -- The Federal Tourism Agency has launched a 3–5% credit program to build and repair hotels, and plans to issue 200 billion rubles of loans until 2024 with state subsidies of almost 19 billion rubles, head of the agency Zarina Doguzova told reporters on Friday.

"In accordance with the approved criteria, a loan amount can vary between 100 million rubles and 70 billion rubles, while projects must be at an advanced stage -- documents for the land received, a business plan in place, the projects must pass banks’ credit committees," Doguzova said.

Banks will start taking applications on Friday, and will later present the investment projects to the agency. The loans will have maturity of up to 15 years.

(75.1952 – U.S. $1)

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