Support The Moscow Times!

EBRD, Raiffeisenbank Ink Deal

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)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.