Gref, "EBRD Will Give 800m-Euro Credit To Russia In 2002"

The European Bank for Reconstruction and Development (EBRD) will give a 800m-euro credit to Russia in 2002. Economic Development and Trade Minister of the Russian Federation German Gref reported in an interview with journalists today, while answering a question about the results of a discussion of Russia's collaboration with the EBRD in 2002-2004 at a government session today. He was quoted as saying that the government will guarantee a 40% repayment of the credit. According to Gref, the bank is ready to invest Euro 1bn in the economy of Russia annually beginning 2003, and the government will guarantee a 40% repayment as well. The money will be spent on five main projects: the construction of foot-bridges over Saint Petersburg's circle highway, various security facilities and dams in the city, traffic management systems in the Baltic Sea and East-West and North-South highways.