Warsaw has issued international bonds on the Luxemburg Stock Exchange, the first local government in Poland to do so and has raised 200 million euros.  

The five year bonds were attractive for insurance companies and pension and investment funds from Great Britain, Switzerland, Czech Republic and Germany.

Warsaw chose Luxemburg to raise revenue because of it is the biggest trading market in communal bonds in Europe.

Now Warsaw city hall is waiting for a 200 million euro transfer into its account. The sum represents around 10 percent of Warsaw’s annual income and one third of the investment program planned for 2009.

The local government is going to spend the money on large  infrastructure projects in capital city such as a new underground railway line, a bridge in the north of the city, the nee national stadium, museums and a science center. (dw) 

Source: Życie Warszawy