International financial institutions will grant 7 million euros ($10 million) to the northwestern Russian city of Veliky Novgorod in 2010 to modernize its water supply system, the city’s administration said on Tuesday.
The financial aid is intended to ensure that households are supplied with quality drinking water and that the city’s wastewater-disposal system works effectively, the administration said.
The funds will be disbursed by the Nordic Investment Bank (NIB) and the Northern Dimension Environmental Partnership (NDEP), with the NIB allocating 4 million euros ($5.8 million) in the form of a loan and the NDEP giving a 3 million euro ($4.2 million) grant on the terms of work co-financing, the administration said.
The NIB and NDEP are international financial institutions providing loans and grants on the terms of co-financing for environmental projects in Northern Europe.
VELIKY NOVGOROD, December 14 (RIA Novosti)
