Saint Petersburg will draw on the first USD 40 million tranche of a World Bank credit by the end of this year

Monday, December 16, 2019

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Saint Petersburg will draw on the first USD 40 million tranche of a World Bank credit by the end of this year, Eduard Batanov, vice chairman of the city's Finance Committee, told reporters. The credit, he reminded journalists, totals USD 100 million. In addition, he said a further World Bank credit of USD 61.1 million would be used by the central government for work in Saint Petersburg as specified by the conditions of the credit to it. Responsibility for the latter projects will rest with the State Construction Committee and the Ministry of Culture. All the funds will reach Saint Petersburg through the central Finance Ministry, Batanov said, noting that the city credit is not tied to specific projects but will be used to pay for items in the city budget. Batanov said the technical details of the tranche have been worked out with the bank. The city is now awaiting on federal approval. Batanov said approval had been on the government's agenda when the cabinet changed. He did not give specific details of the loan but described the credit as 'quite favorable and for a term of 17 years.'

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