The European Bank for Reconstruction and Development has signed a risk-sharing partnership deal with Raiffeisenbank, the European Bank for Reconstruction and Development said.
Under the deal, Russian cities and their municipal utility companies would be offered long-term local currency loans ranging from 20 million rubles ($662,000) to 300 million rubles to fund badly needed municipal infrastructure renewal.
Loans would be mostly offered to municipalities of less than 400,000 people and could be attracted either directly by municipalities or by local utility companies such as water utilities, district heating companies and transport operators, whether privately owned or owned by municipalities.
The loans will have a maximum maturity of 10 years, making this program unique for a market where municipalities traditionally rely on short-term budget loans by Russia's state-owned banks because no commercial alternatives are currently available.
(MT)
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