By Andrei Skvarsky.
The European Bank for Reconstruction and Development has committed $20m in a project to build affordable housing in Russia.
The EBRD said in a statement it would hold a significant minority stake in the project’s developer, Ecodolie, which is owned by Baring Vostok Private Equity Fund IV. The EBRD is one of the original investors in this fund and other funds managed by Baring Vostok Capital Partners Limited.
It would take three to four months to build housing estates that would include shops, social amenities, schools and public transport facilities in addition to affordable and energy-efficient low-rise homes.
The first such estates are already under construction on the outskirts of Orenburg and Obninsk. More than 4,000 homes for about 14,000 people will be built in Orenburg, a city in the Urals, and over 500 homes in Obninsk, a science centre and the site of the world’s first civilian nuclear power plant.
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