USD 420 will be needed to complete the construction of the defensive structure against flooding in St. Petersburg. This was announced at a public hearing on Friday by the head of economic and international work in the Russian State Construction Committee, Georgi Markosov. The dam should be completed by 2008.

According to Markosov, Russia will pay 17-20% of the total cost of construction. The remainder will be paid on credit from the European Bank of Reconstruction and Development (EBRD), the Northern Investment Bank et al. 'Talks are currently underway with several potential creditors. Construction will begin when all the money has been collected and all financial sources are confirmed, so as to keep the construction period as short as possible', Markosov said.

News source: rosbalt.com
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