CMC delegates mayor to sign contracts with CoE's Development Bank

The Chisinau Municipal Council (CMC) delegated mayor Dorin Chirtoaca on Thursday to sign the application and re-crediting contract with the Development Bank of the Council of Europe. The loan is destined to build social dwellings on Nicolae Milescu Spatarul and Liviu Deleanu streets and was concluded between the Bank and the Finance Ministry for 20 years, Info-Prim Neo reports. The grace period is 5 years. The mayor will also sign the accord between the project implementing unit and the City Hall. Over 5 million euros are needed to build the two houses. 64.23% will be offered by the Bank, as the rest will be Moldova's contribution. The municipality will allocate 313,843 euros. According to Maria Caraus, the chief of the Finance Direction, the municipality's contribution will be paid in Moldovan lei according to a schedule. The source for the 2008 contribution of 94,577.55 euros and the interest rate of 45,000 lei is the municipal budget for 2007. The future necessary allocations in 2009 will be provided for in the respective budget. According to the decision, Dorin Chirtoaca will report before the CMC on the contract with the CoE's Bank to be later approved of by the CMC.