28 April 2004 11:49
ST. PETERSBURG HOPES TO RECEIVE WORLD BANK CREDIT IN FALL
ST. PETERSBURG. April 28 (Interfax) - The St. Petersburg government hopes to receive the first $40 million tranche in
a World Bank credit amounting to $161.1 million to finance the economic development of St. Petersburg this fall, Eduard
Batanov, deputy chairman of the city's Finance Committee told journalists on Tuesday.
He said that a resolution is expected from the federal government on the World Bank credit, as the Russian Finance
Ministry will be the borrower.
The total cost of the economic development project, which will take five years, is $239.8 million, of which $161.1
million will be provided by the International Bank for Reconstruction and Development, which is part of the World Bank,
and $78.7 million will come from the Russian side. The World Bank loan has a grace period of five years and should be
paid back in 17 years.
Batanov said that the credit would be provided at a lower-than- market interest rate.
[Interfax] |
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