World Bank to release credit to St. Petersburg

Today, St. Petersburg Governor Vladimir Yakovlev met with a mission of the World Bank. As the press service of the governor reported, the mission has completed preparations for releasing a $100m credit to St. Petersburg. At the meeting, both parties confirmed that the work had been successful and that all details had been coordinated. The World Bank's requirements correspond to the policy of rehabilitation of the financial and economic environment carried out by the city administration. The final decision will be made at a meeting of the World Bank's board of directors in March 2003. The first $40m tranche is to be received in May 2003. Another $60m is to be allocated in 2004. The city is to spend the credit of the World Bank at its discretion. It is released for 15 years with a delay of payment for the first five years.

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