18 May '10
Authorities in the city of Yaroslavl have announced an open tender among banks for three one-year loan contracts worth a total of $16.5m.
The city authorities are reportedly looking for an $8.2m line of credit, $5m LOC and $3.2m LOC.
The starting (maximum) interest rate for all three contracts is set at 12%, officials said.
The bids are accepted before May 21, with the auction to take place on June 2, 2010.