EBRD Board Approves Credit for Construction of Saint Petersburg Dam

The EBRD (European Bank of Reconstruction and Development) board of directors has agreed to allocate USD 245 million on credit to the construction of the dam in Saint Petersburg. This was announced to a Rosbalt correspondent by rpess secretary of the EBRD in Russia Richard Wallis.

On Wednesday, December 18, Deputy Governor of Saint Petersburg and Chairman of the state committee for the construction of the dam Alexander Vakhmistrov told journalists, 'Our goal is to work together with the State Construction Committee to make preparations for construction in December-January so that the important, scheduled work can begin in February-March 2003.'

About 60% of the dam's protective complex is currently ready. Almost USD 6 million of the federal budget has gone towards construction of the dam in 2002. However, more than USD 400 million are needed to complete construction of the dam's protective complex.

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