19 Aug '09
Authorities in Smolensk region have announced plans to assign $6.3m for budget loans to municipalities, regional officials report.
The funds are reportedly to be loaned for three years at ¼ of Central Bank’s base rate, which is currently set at 10.75%.
Under the loans contacts, 40% of the loan is to be repaid in 2011 and 60% is to be redeemed in 2012.
The funds are to be used to finance local budgets deficits, officials said.