Saturday, September 4, 2010

St. Petersburg to Sell Bonds

The head of St. Petersburg’s Finance Committee said the city plans to sell bonds this year. This would be the first sale of bonds since 2005. Overall the municipal government plans to sell 10 billion rubles ($326 million) worth of bonds by the end of the year. Despite a 29.8 billion ruble surplus during the first half of the year, the city’s plans for $13 billion worth of infrastructure projects have been delayed due to the economic downturn.

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