IBRD to give Customs Committee $140m credit for 17 years

The Russian State Customs Committee and the International Bank for Reconstruction and Development (IBRD) agreed on the allocation of a $140m credit for the development of Russia's customs authorities. As the Customs Committee reported to RosBusinessConsulting, today Chairman of the Customs Committee Mikhail Vanin and the head of the IBRD program signed a protocol of negotiations between the Russian delegation and the IBRD. Apart from the senior officials from the State Customs Committee, the Russian delegation also included the representatives of the government, the Finance Ministry, the Ministry of Economic Development and Trade, the Foreign Ministry and the Federal Center for Project Financing. As a result of the negotiations, the parties agreed on a credit of $140m that will be provided by the EBRD for the development of Russian customs authorities. In particular, the parties agreed on the terms of the credit, project description and its management, the financing schedule and purchasing issues. They also agreed on the schedule of credit repayment: the credit will be provided for 17 years with a grace period of five years.

As it was reported earlier, this project will result in updating the information system of Russia's customs authorities, providing them with information and technical capacities, updating the technical equipment of customs control, creating local processing networks etc.