Tacis Project Management to Allocate 4.2 Million Euros to Restructure Russian Enterprises

The TACIS project management made a decision to allocate 4.2 million euros to implement the third stage of the programme for restructuring Russian enterprises for the period of 2003-2004.

This was disclosed at the Thursday press conference by director of the project TACIS Enterprise Restructuring Facility (TERF) John Bacharach.

According to him, the TERF programme aims at providing Russian enterprises striving for restructuring with the opportunity to get qualified assistance of European management consultants. An overwhelming majority of such enterprises are incapable to pay for consultant services of such quality. That's why, according to Bacharach, TACIS finances about 80 percent of consultant services price, as well as the cost of familiarising trips to foreign enterprises and on-spot training.

Vice-president of the Russian Union of Industrialists and Entrepreneurs Viktor Dombrovsky made an appearance at the press conference and noted that the first part of the programme (TERF-1) started in 1998 and completed in March 2000. The European Union disbursed 6.5 million euros for its implementation. The completion of the second stage of the programme (TERF-2) financed by the EU in the amount of 5.5 million euros is expected in November 2002.

Since the start of the project over 50 enterprises from 20 Russian regions got assistance of world-class professionals. Such companies as Severstal, United Mechanical Engineering Plants and others are among the project participants, Dombrovsky added.