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Business news, 20.11.2003 16:49

Saint Petersburg Plans to Secure Loan of USD 30 Million by End of Year

Saint Petersburg Plans to Secure Loan of USD 30 Million by End of Year The administration of Saint Petersburg is planning to attract a one-year loan of USD 30 million by the end of the year. This was announced yesterday by Acting Deputy Chairman of the Municipal Committee on Finance Edward Batanov. The source of the possible loan has not yet been disclosed.

According to Mr Batanov, this loan will allow the city to pay off foreign debts of USD 40-45 million in 2004. This includes foreign loans of USD 6.8 million to reconstruct the historic centre of the city. Housing projects (USD 2.5 million) will also be paid for by the loan while USD 5.1 million will be kept in reserve to cover guarantees of credit.

Acting Chairman of the Committee on Finance Mikhail Krylov did not comment on plans to accept a new loan. He only said that Saint Petersburg was not planning to issue any Eurobonds.

News source: www.rosbaltnews.com

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