Poland loans Russia $100 mn for housing construction

Poland is loaning Russia US$100 million for housing construction in the provinces, Deputy Prime Minister Vladimir Yakovlev announced to the media after Moscow negotiations with Marek Brysk, Poland's First Deputy Minister of Infrastructure.

The loan will be backed with Polish government guarantees, added Mr. Yakovlev.

Poland will not merely provide Russia with the funds - its construction companies are taking the bulk of the building job upon themselves. The money is expected even within this year, and new residential houses will appear on sale on a mortgage arrangement.

"Russia will welcome any overseas companies that choose to join its housing credit programme," reassured the Vice-Premier.