Russian Ambassador to Britain to Sign Credit Agreement with EBRD for Financing Construction of St. Petersburg Ring Road - 18 September, 2002

The Russian Government has instructed the Russian Ambassador to Britain to sign a credit agreement with the European Bank for Reconstruction and Development (EBRD) to borrow USD 229 million in order to finance the construction of the first stage of the St. Petersburg ring road and the Chita-Khabarovsk federal highway. According to the Government's press department, the EBRD is to provide the credit for a 15-year term with a three-year repayment hiatus. Repayment will be subject to standard terms, in other words, at a floating LIBOR interest rate.

The Russian Roads Agency's press office informed Rosbalt's correspondent that its head, Igor Slyunyaev, will take part in the official signing ceremony of the credit agreement, which is scheduled for Thursday, September 19. Around USD 130 million of the loan are planned to be used for construction of the St. Petersburg ring road, and the rest will be used for the Chita-Khabarovsk highway.