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Russia: Nizhniy Novgorod region will attract credits on 3.5 billion rubles

The main idea is to cover the budget deficit and government debt with the help of these funds.

17.Jul.14 10:19 AM
By Mikhail Prygunov


Russia: Nizhniy Novgorod region will attract credits on 3.5 billion rubles
The government of Nizhniy Novgorod region has announced about an auction which will take place in august 2014. The main goal of this auction is to attract loans and credits on 3.5 billion rubles. This information is also available on official website of state procurements.

According to this information auction will take place on the 4th and 8th of august. The winner will have a righto provide the region with 9 credit lines. The first 7 auctions will make it possible for the lender to give Nizhny Novgorod region 450 million ruble credit line according to every auction. The last two auctions are aimed on 200 million and 150 million ruble credit lines respectively. The term of credit is 365 days.

Primary interest is 12% for 450 million ruble credit line. It means that the government will have to pay additional 58 million rubles in order to close the debt. The second 200 million ruble credit lines is featured by 11% interest rate annually which will result in additional 22 million rubles. And the last one will also be followed by 11% interest rate (this is 16.5 million rubles).

The main aim of attracting credits is to cover budget deficit and government debt. The budget deficit is 8 billion rubles at the moment while governmental debt is 54 billion rubles.

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