Gazprombank has opened a $245-million line of credit for the Moscow School of Management SKOLKOVO
Monday, 28 February 2011
Moscow, February 28, 2011. - Gazprombank (Open Joint-stock Company) has decided to grant the Moscow School of Management SKOLKOVO a line of credit totaling $245 million in order to refinance the school's line of credit currently open at Sberbank of Russia. The funds of Gazprombank may be utilized over 12 years, until the end of 2023. In 2008, at the peak of the financial crisis, Sberbank of Russia supported the Moscow School of Management and opened a credit line for SKOLKOVO in the amount of $245 million. This was a market-rate loan, granted for 10 years, with the money to be used for the school's construction and development.
SKOLKOVO’s President, Ruben Vardanyan, commented, ‘We are grateful to Sberbank of Russia for their willingness to support the school during a period of economic uncertainty and to believe in the potential success of the then-fledgling project. I would like to emphasise that SKOLKOVO has always considered and will always consider our relationship with Sberbank of Russia to be a mutually-beneficial partnership, which is not limited to financial aspects, but extending to a number of other projects as well. We welcome our new partner, Gazprombank, which expessed faith in our project and our economic potential. The alternative financing provided by Gazprombank will ease SKOLKOVO’s debt burden and make it possible to obtain additional funds, which the school plans to steer into the development of new educational programmes for its students.’