The Russian Finance Ministry will allocate 20 billion Russian rubles in the federal budget to support JSC Bank DOM.RF, with the funds to be provided via the lender's parent JSC DOM.RF Russia Housing & Urban Development Corp., news agency RBC reported May 15.
The parent company is also set to receive 5 billion rubles from the budget to finance a state program providing financial assistance to mortgage holders with three or more children, news agency RBC reported.
Bank Dom.RF, which received 19.8 billion rubles from the parent in 2018, wants to specialize in providing mortgage loans and financing real estate developers. The lender and its parent would need additional funding worth 160 billion rubles to finance housing projects, the newswire said, citing Construction and Housing Minister Vladimir Yakushev. The official said in April that the bank could receive 40 billion rubles in 2019 and the same amount in 2020.
As of May 15, US$1 was equivalent to 64.51 Russian rubles.