At the meeting of the Government of the Russian Federation the Head of the Ministry of Construction of the Russian Federation Irek Faizullin reported on the draft federal law on the creation of a public not-for-profit organisation "Territory Development Fund".
The Territory Development Fund, as a legal successor, will carry out the activities and functions which are currently envisaged in the activities of the Fund for the Protection of the Rights of Citizens - participants of shared construction and the Fund to Assist the Reform of the housing and utilities sector.
"At the same time, it is also planned to assign a number of new functions to the Fund - implementation of integrated area development based on the decisions of the RF Government, attraction of funds from the NWF and participation of lenders in syndicated loan agreements to support housing construction projects and extending loans to developers", - stressed Deputy Chairman of the RF Government Marat Khusnullin.
The bill provides for the corporate procedure of merging the two existing funds and was developed in accordance with the "road map" of the Russian government for the modernization of the current structure of development institutions.
