15 Oct '08
Mari El authorities have decided to earmark $2.4m in 2009 to reimburse local banks for part of their mortgage interest rates, sources in the regional administration reported today.
This measure aims at keeping mortgage interest rates for local residents within an affordable12%, the government said.
By the yearend Mari El’s 2008 total allotment for this purpose is to hit $400,000.
The region will also continue partially reimbursing banks for their interest rates on loans taken by local businesses to boost production.