VTB loans $414 million to AFI for Mall of Russia

Russia’s second largest lender, state-controlled VTB bank has given a 414 million dollar loan to AFI Development.

AFI, a subsidiary of Africa Israel Investments is the leading developer of multi-purpose properties in Moscow, Russian regions and the CIS.

95 per cent of its asset value is based in Moscow. The loan will be used to finance construction of AFI’s Mall of Russia – a retail and leisure area in the Moscow City.