KIEV, Jan. 17 – Kiev is planning in 2011 to borrow up to $300 million in foreign loans, according to a decision of Kiev City Council that approves the Kiev budget and conditions of local loans in 2011.

The interest rate on loans, the term of which is more than three years, should not exceed 1% per annum.

According to the document, the maximum interest rate for loans of up to one year is 9.8% per annum, for loans from one to three years – 10%. If a floating interest rate is applied, the rate should be three-month Libor plus 750 basis points.