China National Complete Engineering Corporation (ССЕС) has been declared the winner of a tender conducted by the State Mortgage Institution (SMI) seeking to raise an external debt to finance the implementation of the investment project entitled "Provision with Residential Space on Conditions of Mortgage Crediting or Financial Leasing."

The results of the tender were published in the government's publication Uriadovy Kurier on November 17.

According to information posted on the website of the SMI, the sum of expected loan is $500 million (or equivalent in other currency). The loan will be taken for 15 years. The effective rate for the loan is 4.5% per annum. The interest is accrued and paid once in six months.

The loans will be secured by the funds from the national budget.

The project provides for the use of the loan in two spheres: financing of construction of 1.4 million square meters of housing for the total amount of UAH 20.7 billion (including the reinvestment of the project funds), as well as providing 30,600 families with redemption on mortgage lending terms or financial leasing (without an advance payment) at a rate of 15.3% per annum. At the same time, $200 million will be allocated for the purchase of housing, with two tranches of $100 million each. Some $300 million will be allocated for the financing of construction, with three tranches of $100 million each.