RIGA, Nov 13 (LETA) - Riga City Council is planning to borrow EUR 92.6 million for the fourth stage of construction of Dienvidu (Southern) Bridge, or Jana Cakstes Street, according to the municipality's draft decree that Riga City Council's Finance and Administration Committee supported today.

The loan is to be repaid in 30 years.

The final decision on taking out the loan will be taken at a Riga City Council meeting.

Riga City Council earlier said that it would use financing from the European Union's Cohesion Fund for construction of Jana Cakstes Street, and that the total cost of the project was estimated at 122,732,479.

The Cohesion Fund is expected to allocate up to EUR 60,185,896 for the project, while the municipality's co-financing will amount to EUR 62,546,583.

During the project, a new section of Jana Cakstes Street will be built from Vienibas Gatve to Ziepniekkalna Street. According to Riga City Council, this will improve transport infrastructure connecting different Riga neighborhoods and reduce the fragmented nature of arterial roads in the city.