The Russian Auditing Chamber is urging Russia to cooperate with European banks. As the press office of the Russian Auditing Chamber announced, Russia is currently working with the EBRD (European Bank of Reconstruction and Development), the European Investment Bank, the Northern Investment Bank Nordik, the United Nations Economic Commission for Europe and the European Union on the TACIS programme.
Between 1992 and 2001 the EBRD loaned Russia USD 436.8 million, of which USD 338.7 million has already been spent. The EBRD is currently making plans to step up its financial operations in Russia. This could mean that Russia's share of investments will increase by 10%.
What is more, as the accounts chamber points out, until 2000 the European Investment Bank did not make any investments in Russian projects. Now the bank has decided to participate in the TACIS programme and already has plans to invest EUR 100 million in ecological projects in the north-western region of Russia. Nordik is also expected to invest money in these projects.