An association of Russia’s electricity producers hasnapplied to the government for $50 billion in cheap loansnto finance their efforts to build capacity amid the globalnliquidity crunch and rising construction costs. Severalnpower firms say commercial banks are quoting rates ofn25-30% on loans, rendering many new constructions toonexpensive. One source said the companies were askingnthe government to draft a special lending program andnwere prepared to repay loans at the level of the country’snrefinancing rate, currently 11% a year.
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