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City Assets to Raise $447M

Mayor Sergei Sobyanin plans to raise 13.9 billion rubles ($447 million) in 2011 from asset sales, up from more than 1.1 billion rubles this year, Vedomosti reported Tuesday.

The Moscow government owns stakes in 364 companies, including 100 percent of Moscow Integrated Power, 26.4 percent of Mosenergo, 48 percent of Bank of Moscow and 14.2 percent of Vnukovo Airport, the newspaper reported.

The city’s 2011 budget deficit will grow to 146 billion rubles from 101 billion rubles in the last draft, Vedomosti said.

(Bloomberg)


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