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Krasnoyarsk City Hall Plans 824M Ruble Loan to Address Budget Deficit

Krasnoyarsk City Hall is set to borrow over 824 million rubles to tackle its budget deficit and repay debt. Sberbank and VTB have been chosen as lenders.

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2025 November 2 . 1:14 PM

1 min read

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Krasnoyarsk City Hall Plans 824M Ruble Loan to Address Budget Deficit

Krasnoyarsk City Hall has announced plans to borrow over 824 million rubles to address its budget deficit and repay municipal debt. The city has posted 20 tenders for banking services, with Sberbank and VTB emerging as the winning bidders in November. Each tender envisions borrowing amounts ranging from 20.6 million to 89.7 million rubles from banks. Financial institutions will submit offers at an auction, with the bidder proposing the lowest margin above the Central Bank of Russia’s key rate winning the tender. The interest rate will be variable, calculated as the key rate plus the winning margin. The borrowed funds will be drawn as needed to service existing debt and cover the budget shortfall. The loans aim to repay municipal debt obligations and cover the city's budget deficit. The total planned borrowing is over 824 million rubles, with Sberbank and VTB being the banks providing these loans.