Recommendations on the interaction of authorized banks and developers in the transition to project financing were developed
The Ministry of Construction of Russia, together with the Central Bank of the Russian Federation and DOM.RF, developed recommendations to determine the optimal procedures for interaction between authorized banks and developers when switching to project financing of shared housing projects using escrow accounts. This was stated by the head of the Ministry of Construction of Russia Vladimir Yakushev during a speech at the Sberbank conference on the transition to project financing on 15 th of April in Samara. Recommendations will be sent to the constituent entities of the Russian Federation for distribution to developers that implement equity construction projects using escrow accounts funded by bank loans and authorized banks that provide loans to developers. “We have developed a document for the formation of optimal procedures for the interaction of banks and developers in the transition to project financing. It is important that all participants in the process are in the same paradigm when moving to the new rules for the implementation of construction and understand how to work with each other. This will help us to make the procedure of communication between the bank and the developer more transparent and understandable,” - said Vladimir Yakushev.