South West | Finance, business

ERDB's 10 year $24.7m Lipetsk Energy loan

10 Nov '08
Lipetsk City Energy Company (LGEC) is to take out $27.4m ten-year loan with European Bank for Reconstruction and Development (EBRD), the bank reports.

Interest rate hasn't been confirmed but is expected at around 12.5%, the bank said.

The funds will reportedly be used to finance the overhaul of the city's utilities system and enable the company to double its investment in utilities and energy system development to $22.2m.
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