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. Last Updated: 07/27/2016

City of Moscow Aims to Borrow Up to $745 m in 2001

The City of Moscow plans to borrow $725-745 million to refinance foreign debt due this year, the city government's financial department said Monday.

"We are interested in preserving the volume of foreign debt in the economy. We would like to attract the necessary funds," Moscow Financial Agency CEO Mikhail Kalinushkin told Reuters.

Moscow is due to redeem a 500 million mark and a 400 billion lira Eurobond this year. It is also due to repay a $295 million credit from Credit Suisse First Boston.

But Kalinushkin said the city would be able to borrow abroad only if the federal government resolved problems with the Paris Club of state lenders. Another precondition would be a successful launch of a sovereign Eurobond.

"If these preconditions are favourable, we do not rule out a Eurobond issue," Kalinushkin said.