Lower barriers for developers working with escrow
The Russian Ministry of Construction will reduce the administrative burden on construction companies that have switched to financing projects using escrow accounts. This was announced on the forum Proestate-2019 by the director of the department of housing policy of the department Olga Kornienko.
The further way the ministry is going to move is to reduce administrative barriers to those construction organizations that are switching to a new financing scheme”, said Olga Kornienko.
Earlier, Minister of Construction and Housing and Public Utilities of the Russian Federation Vladimir Yakushev said that the list of requirements for developers after they switch to working with escrow accounts will be reduced.
“Our law today is overloaded with requirements for developers, and as soon as they switch to escrow accounts, these requirements need to be removed”, Yakushev noted.