October 12 (SeeNews) - Bosnia's Sarajevo Canton finance ministry said it has signed a 9.5 million marka ($5.7 million/4.9 million euro) loan agreement with the Federation Development Bank, to finance investment projects under the canton's 2020 budget.
The loan carries a 2.5% fixed annual interest rate and a tenor of 12 years, including a grace period of one year, the Sarajevo Canton finance ministry said in a press release on Friday.
The proceeds will be used for construction, reconstruction and heating of buildings, as well as procurement of equipment.
The Sarajevo Canton is one of ten cantons forming the Federation, one of two autonomous entities forming Bosnia and Herzegovina. The other one is the Serb Republic.
(1 euro = 1.95583 marka)