Ternopil Area Taxpayers on the hook for €10 million loan

“The European Bank for Reconstruction and Development (EBRD) has issued a loan of EUR 10 million to Ternopilmiskteplokomunenergo under full municipal guarantees under a pilot project to modernize Ternopil’s central heating system.

The parties signed a relevant credit agreement in Kyiv on Friday.

“The term of crediting is 13 years, the interest rate is 5.9% per annum. The payback period of such projects in the field of heat supply is now five or seven years,” head of Ternopil City Council Serhiy Nadal said at a press conference in Kyiv following the signing of the agreements.” (Read more)