The government continues to postpone its decision to issue state bonds worth 8 billion Sk to finance highway construction and other development projects planned for the second half of this year, Hospodárske noviny daily reported.
One billion of the overall sum is slated for building apartments this year as part of the State Housing Development Fund. The last amendment to the Act on the State Housing Development Fund increased the maximum loan amount the fund can grant for apartment construction. This, however, jacked up the demand for such loans to the extent that now the fund is not likely to have enough money to cover the first half of this year. The government therefore opted to strengthen the fund's resources and approved a government bond issue worth 1 billion, to be issued by the end of July.
Slovakia's two construction savings banks agreed to purchase the whole issue, which will yield 9% annually and mature in two years. Prvá Stavebná Sporiteľňa will buy 800 million Sk worth of bonds and VÚB Wüstenrot 200 million Sk.
Košické pozemné stavby building on the Black Sea
Over the last three years, Košické pozemné stavby (KPS) has focused 80 percent of its activity on building a huge recreation complex in the Russian Black Sea resort of Anape, the business weekly Trend reported. The 1.2 billion Sk project is for a Moscow-based customer, Gazexport, and includes 33 buildings on 10 hectares of land.
This project accounts for the largest share of $30 million investment KPS will have made in Russia last year and this year combined. While Štefan Vranovský, KPS's General Director is pleased that most of the suppliers they are working with in Russia are Slovak, he said the company hopes to shift its work away from projects abroad to more within Slovakia.
3. Jul 1997 at 0:00 | Rick Zedník