UrBC, Yekaterinburg, September 6, 2017. The Ural Bank for Reconstruction & Development (UBRD) issued a 990m RUR bank guarantee to back up the contract between Stroytech (the general contractor) and GK Prinzip’s Novy Zastroyschik (the customer); the guarantee holds through December 31, 2018, the bank’s press service reports.

The guarantee was issued in order to enable the completion of Pervy Nikolayevsky Housing Complex.

‘The developer was earlier provided with funds to go on with the construction process. The bank, on its part, provided a guarantee. This agreement means we promise all the money directed to the construction will be used properly , and all the jobs stated in the contract will be done in time,’ says UBRD Large Corporates Director Evgeny Lyubimov.

‘I believe agreements such as this one are important not only for business but for society at large. Most people are sure to remember what breaking news the announcement of the construction site closing down was. Now that all the financial issues have been settled, we feel responsible for this project’s success, and we’ll do our best to make sure all the investors in Pervy Nikolayevsky get their new homes,’ says Stroytech Director-General Vladimir Kopylov.