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. Last Updated: 07/27/2016

Lithuania Road Loan

VILNIUS, Lithuania -- The Lithuanian government said Wednesday it decided to take a 40 million-ecu ($44.5 million) loan from the European Investment Bank to tarmac its gravel roads.

The government's press office said it would take 18 years, with five years to implement the roadwork and another 13 years to repay the loan. The finance ministry said the loan would be taken in separate amounts, each based on LIBOR.

The total sum for the project is 352 million litas ($81 million), with the EIB covering half and the remainder coming from the Lithuanian state road fund.