Central regions | Finance, business

Smolensk region to give $6.3m budget loans

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.
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Locations: Smolenskaya oblast

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