Alfa Bank is to invest around $240 million in Mirax Group to continue construction of a Moscow skyscraper, planed as one of the world's tallest buildings, a Russian business daily said on Monday.

"The conditions are being agreed with Mirax at the moment. Alfa Bank will be the main creditor, but other banks are not excluded from the project," Alfa Bank development director Maxim Pershin told Komersant.

The tower is part of the Moscow City development in the west of Moscow. The project was delayed by four years because of the financial crisis and is now expected to be completed after 2016. Mirax Group chief Sergei Polonsky previously announced plans to reduce the height of the skyscraper, which is planned at 509 meters (1670 ft) because of insufficient funding. However, the $240 million investment is enough to accomplish the initial ambitious plan.

Mirax Group has faced serious financial difficulties during the crisis. The company's common liabilities are estimated at $550 million, including $120, 8 million of overdue debt, the newspaper said. Alpha Bank agreed to finance the project after Mirax Group paid $50 million into Alfa Bank in early March, showing its ability to cope with its financial problems.

Before the financial crisis, Mirax Group was one of the most successful development companies in Russia. It is renowned for its luxury housing and development projects in Russia and the rest of the world.

MOSCOW, March 22 (RIA Novosti)