By Ivan Anderzhanov
Alfa Bank is to give property developer Mirax Group the go-ahead to complete construction of a Moscow skyscraper that will be the centrepiece of the city's emerging business district.
The bank plans to invest invest around $240 million in Mirax to continue construction of the tower, planed as one of the world's tallest buildings, according to Kommersant.
The Russian capital's emerging business district, two miles west of the Kremlin on the banks of the Moscow river, is home to Renaissance Capital and state bank VTB. Much of the building on the sprawling site was frozen in the wake of the credit crunch as developers had their assets seized by banks as collateral for missed loan repayments.
The deal with Alfa puts Mirax back on track to complete the tower at the original height of 2,009 feet, instead of a reduced height that had been mooted.
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