IBRD to allocate $250m to Russia for road construction
The International Bank for Reconstruction and Development will give a $250m credit to Russia to be spent on the road reconstruction in 2004. A relative agreement was reached at the meeting of head of the Russian State Road Service Rosavtodor Igor Slyunyayev with a mission from the IBRD. The money will be spent on the reconstruction of parts of the M-4 "Don" federal road that lays between Moscow, Voronezh, Rostov-on-Don, Krasnodar and Novorossiysk (goes through Bolshoy Sochi) and construction of a new toll road between Adler and Krasnaya Polyana in 2005.
Additionally, Rosavtodor is planning to attract $1bn in loans from the European Investment Bank in 2004-2006. They will be spent to build further Transeuropean channels.