1 February 2012

National Reserve Bank’s Irkutsk branch has launched efforts to assist in establishing ‘Affordable Housing for Young Families’, a regional initiative backed by the government. The first transfer of state funds was made to one of NRB’s own clients, eligible under the initiative for a grant to purchase or build a new home. The young businessman will use the subsidy to expand his family’s living space.

A number of cooperative agreements were signed between NRB, the Irkutsk Regional Administration, Irkutsk City Administration and Usolye-Sibirskoye municipal authorities after the Bank’s successful bid to participate in the initiative. NRB is involved in several municipal and regional social projects in effect across Irkutsk. The projects are aimed at providing young families with affordable housing in the Irkutsk Region.

While the initiatives are intended to promote construction projects in the region, it is also hoped that the joint efforts of NRB and the Irkutsk Region will serve to retain young, aspiring professionals. It will also further effect the Bank’s expansion efforts in Siberia.

Clearly focused on building up its mortgage portfolio in the near-term, NRB’s retail strategy is set to roll out a new line of flexible mortgage solutions for a broad range of clients over the coming 12 to 18 months.