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. Last Updated: 07/27/2016

Bond Lottery Has Land Prize

The regional government of Moscow will try to raise extra funds this year with an unusual municipal bond issue where the return on the bond is a lottery and some bond holders get paid in land, not money, officials said Tuesday.

Under the terms of the First Moscow Regional lottery loan, launched Tuesday by the Moscow region government, a few lucky bondholders, chosen at random, will win a block of land for private gardening or housing in the Moscow region.

A senior official with ASIcombank, the Russian commercial bank which coordinates the bond issue, said that those unlucky bond holders not chosen in the lottery would receive an interest rate of only 70 percent over the year of the loan.

Olga Budarina, a Moscow region spokesperson, said the bond issue would bring in 10 billion rubles ($9. 4 million).