World Bank board of directors approves granting a loan to Russia

The Board of Directors of the World Bank (WB) has approved granting a 120-million-dollar loan to Russia to support the Russian government programme to reform the financial system in the regions. This was disclosed by the Bank's Moscow representation Wednesday.

The project will not only render assistance to regions in finance management, but also contribute to increase in efficiency of operation of Russian state institutions. The project's implementation will also help regional administrations to efficiently settle problems in the sphere of education, health care, and social protection of the low-income population.

The loan is to be redeemed within 17 years.