Congress Center Prague (KCP), hunted by rocketing debts dating back all the way to the 2000 summit of the International Monetary Fund and the World Bank, plans to launch another tender to sell its assets. For now it has reached agreement with its owner, the City of Prague and its guarantor, The Ministry of Finance that the €3bn in interest payments for 2012-13 will be paid by the state. The properties, which include a Holiday Inn hotel, Business Centre Vyšehrad and the land in the direction of Vyšehrad castle, will be offered for sale individually. The City of Prague will keep the main building called Palace of Culture, which should function as a congress hall, and land in the direction of Pankrác. The City hopes proceeds from the sale will surpass CZK 1bn. KCP still has to pay back CZK 2bn by 2014, CZK 300m of which it owes to Komerční banka.
