Klitschko hopes Kyiv's bonds worth $550 mln will be restructured

14:26, 04.11.2015 1 min read

Head of Kyiv City Administration Vitali Klitschko has expressed hope that an agreement on restructuring Kyiv's bonds worth $550 million will be reached, he told reporters in Kyiv on Wednesday.

"A group of experts from our side was in London. Negotiations for restructuring of the debt are underway. I hope that in the near term we will be able to make a decision, which would firstly suit Kyiv residents," he said.

Klitschko said that Kyiv is spending a considerable amount of money to service the bonds every year.

"In previous times we took loans, including a loan to build the Podilsko-Voskresensky bridge to expand the subway to Troyeschyna district. We took the credit, the bridge was not built, and the subway to Troyeschyna was not built. Where is the money? Today, it costs large money for us: only credit rates paid by us are $50 million. Ten schools and more kindergartens could be built using these funds," he said.

As reported, in early October Kyiv sent the revised offer on restructuring two issues of bonds worth $550 million to the committee of creditors.