MOSCOW, May 20 (RIA Novosti) - The European Bank for Reconstruction and Development said on Wednesday it would provide St. Petersburg's water utility with 23.5 million euros ($32 million) to cut untreated sewage discharges into the Baltic Sea.
"The EBRD will contribute a 15-year loan of 17.5 million euros and a 6 million-euro grant from its Shareholders' Special Fund to the 187.1 million euros cost of this project," the bank said in a statement.
The bank said that the new project would help the city of St. Petersburg to "cut the amount of untreated sewage discharged into the Baltic Sea to just 6% of total effluent in three years," adding that the project is financed jointly by "the international community, the Russian budget, the local government and the municipal water utility."
The project is also receiving financial support from Finland and Sweden, both of which have long Baltic coastlines.
