EASTERN Slovakia's Prešov higher territorial unit (PSK) signed a loan contract with the European Investment Bank (EIB) to draw a loan of Sk1.3 billion on July 11.
Projects supported by the loan will be reciprocally co-financed by an identical amount provided by the PSK itself.
PSK chairman Peter Chudík said that the variability of loan drawing is the greatest advantage of the contract. There are four alternative ways to draw the loan with an interest rate that may be modified after five years.
The credit line from the EIB should be drawn during the next three years and will be coordinated by the steering unit of the Prešov-Slovensko regional infrastructure project committee. The major part of the loan amounting to Sk880 million will be allocated for infrastructure projects for repairing roads, bridges and intersections.
According to Chudík the allocated money will repair approximately 25 percent of second and third category roads administered by PSK. Infrastructure works will be launched in August.
The remaining money will be invested in education, culture and social sector projects.
17. Jul 2006 at 0:00 | From press reports