International Bank For Reconstruction And Development To Allocate $150M Credit To St. Petersburg

The International Bank for Reconstruction and Development (IBRD) will allocate a credit worth $150m for the reconstruction of some historical facilities in St. Petersburg from 2002 to 2005, the press service of the St. Petersburg committee for construction reported to RBC. An IBRD delegation has paid a visit to St. Petersburg and held negotiations with the city administration and the Russian government. They agreed that the credit will consist of two parts - one part will be a federal credit (worth $50m) and the other is a municipal credit ($100m). The tender for developers of projects to be financed from this credit will be held at the end of November 2001. Designing of projects is expected to be completed in September 2002.