Warsaw plans to borrow zl.400 million for development

The Warsaw municipal government has announced a zl.400 million tender for long-term bank credits to finance the city' s infrastructure development. Just over half of the funds, zl.210 million, has been earmarked for the purchase of trains for the Warsaw subway. The remaining zl.190 million will be divided between two areas; part will be spent on road construction projects, and part will be used to finance a new ticket distribution and validation system for the city' s public transport. Banks are being invited to submit offers for financing the whole or part of the credit. The municipal government hopes to receive the funding in a series of installments, and to pay back the funds over an eight-year period, starting in 2003. (Puls Biznesu, p.11) A.D.