22 September 2003 00:21
Nizhny Novgorod wants to restructure $15 mln in debt to IBRD
NIZHNY NOVGOROD. Sept 22 (Interfax) - The Nizhny Novgorod administration has sent proposals to the Russian Finance
Ministry on restructuring to 2012 debt of about $15 million on two International Bank for Reconstruction and Development
(IBRD) loans.
The city as a sub-borrower received $4.17 million from an IBRD loan for a public transport program in and $8.8
million for a housing project in 1995-1996, deputy director of the city's economy department Artyom Korazanov told
Interfax.
The current payment schedule has the city paying principal and
interest twice a year (in April and October), with transport debt
Nizhny Novgorod wants to capitalize debt on both loans and then restructure, he said.
payments to end in 2010 and housing debt in 2007.
So far Nizhny Novgorod has paid virtually nothing toward the loans, a regional finance ministry spokesman told
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