European
Bank for Rehabilitation and Development (EBRD) has introduced
project “Residential Fund for Developing Balkan Countries", which will
finance construction of residential facilities for middle class in several
countries in the Balkans – Albania, Bosnia and Herzegovina, Bulgaria,
Macedonia, Moldova, Romania, Serbia, Montenegro, Ukraine and Croatia, on
mid-term basis.
”Residential Fund for Developing Balkan Countries" plans to collect funds in amount of 150m EUR for construction of housing projects for middle class, which would stimulate competition on the market, which is currently dominated by minor contractors that do not have capacities or do not want to build housing projects to meet top standards.
The Residential Fund is a company with limited liability, organized according to Cypriot laws, and it will be managed by Greek management company “Secure Management".
EBRD will provide financing with stock capital in amount of 20% of total capital, that is, up to 30m EUR, within the scope of total projects costs in amount of 150m EUR.