Russia » Economics

Russian cinema multiplexes—foreign property

Credits for construction of cinema multiplexes in trade centers throughout Moscow and St. Petersburg have been provided by two foreign banks—European Bank of Reconstruction and Development ($17,5 million) and “Raiffaizenbank Austria” ($10 million).

According to press-releases of the credit organizations, European Bank plans to finance construction of the first five cinema multiplexes in trade centers in Moscow and St. Petersburg in the period of 2003 through 2006. The bank leaves a right to syndicate a part of the credit (to finance the construction in cooperation with other banks).

“Raiffaizenbank Austria” also provides a $10 million credit for the Rising Star Media Company for a 7-year term. The credit issuing procedure will involve several steps. The 7-year credit has been issued in order to stimulate competition in a rapidly developing sector of the Russian entertainment market.

The first of the five multiplexes, an eleven-screened complex, has opened in September of 2003 in the largest trade center in Russia IKEA Mega in Moscow. In 2002 European Bank has issued a $100 million credit for 10 years to IKEA to build a mega mall.

The second multiplex is also intended to be opened in Moscow's IKEA in 2004. Other four will be constructed in Moscow and St. Petersburg.

Rising Star Media is a Russian company that has been founded conjointly with National Amusements Inc., the leading company in film industry in the States, Britain, Latin America and Soquel Ventured, which has been founded by an American entrepreneur who wanted to bring Russian cinema to the western standards.

Privately owned National Amusements Inc. is one of the companies of Viacom, the world's third in a number of entertainment productions.                  

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