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The Homeowners’ Association “Avtomobilist” (HOA) was organised by the residents of a multi-storey 230-apartment building in Rostov-on-Don, South Russia. The HOA was led by a strong and active woman who encouraged the residents to improve their living conditions.
However there were problems with the water disposal system; the building had a main sewer pipe of 100 mm in diameter made of cast iron which was insufficient for effective water disposal and the pipes therefore needed replacement.
The HOA addressed a RuSEFF Residential participating bank for a loan for this project. The RuSEFF team supported the HOA with analysis of the proposed investment, the financial-technical parameters and risks of the project.
The investment of RUB 519,287 allowed the HOA to perform the repair of the sewage system and replace the old pipes with new plastic pipes with wider diameter, allowing for the effective functioning of the sewage system. The HOA repaid the loan ahead of schedule.
Galina Lednevskaya, Chairman of the HOA:
“Since we realised that the main sewer pipe in the basement needs to be replaced and approved the cost sheet, we realised that we don’t have a sufficient amount of money on our special account. We approached several banks and analysed their loan conditions and Center-invest bank was the one who offered the most beneficial interest rate”.
The EBRD, through RuSEFF residential, supports the implementation of sustainable energy projects by the residential sector. Together, the residential, private and public sectors can make a change in energy consumption patterns and contribute to environmental protection.
This project was supported by the Austrian Ministry of Finance (BMF).