RENOVA Stroy Group got a loan from Sberbank in order to finance the creation of engineering infrastructure in Yekaterinburg’s future Academic district. The loan scheme, devised by Sberbank’s Ural branch in September 2007, provides for 3.74 billion RUR that will be dispatched to RENOVA in two installments, with the borrower obliged to pay the money back by the end of 2010.

The first portion amounts to 2.08 billion RUR, including 720 million RUR allotted for putting up water supply and sewerage systems. RENOVA received the first money tranche on November 30, 2007.

The company is planning to sign two more agreements with Sberbank before the end of the year; these agreements will cover expenses needed for constructing the heat and electricity supply systems (581 million RUR and 776 million RUR respectively), the company’s press officer reports.