Penza, 30 April 2015. PenzaNews. Yuri Krivov, head of Penza administration, told about the search for municipality loan in the amount of 160 million rubles. “We posted a test advertisement, and two banks responded. When the agreement is signed, we will certainly tell you about it, however, the key players in this market, Sberbank and VTB, do not agree with the proposed conditions,” he informed during a press conference on Thursday, April 30.

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The mayor added that the e-tender has already been held, and the best offer was made by one of Moscow banks in the region.

However, Yuri Krivov noted that the contract has not been concluded yet.

“We are currently deciding. In any case, they are ready to grand 160 million rubles for less than 19% of interest for the period of 3 years. This will only enable us to cover the existing overdue payments to different contractors, starting with engineers. We hope that the Central Bank will deduct the key rate,” the mayor said not knowing that the Central Bank has already decided to lower its key interest rate from 14% to 12.5%.

Yuri Krivov explained that the difficult financial situation, to the great extent, is linked to the shortage of credit resources available for the municipality.

“We have more than 1 billion rubles of revenue: these include loans, and as long as we do not see them, it is very difficult to cope with the current payments,” the head of Penza administration said.