European Bank For Reconstruction And Development Confirms Its Plan To Grant Credits To Russia In 2001

During a meeting between Russia's Economic Development and Trade Minister German Gref and President of the European Bank for Reconstruction and Development Jean Lemierre, bank plans were confirmed to grant credits to Russia in 2001 totaling 700 million US dollars, German Gref said in an interview with RIA Novosti. According to Gref, in the next two years the EBRD can be expected to advance to Russia investments amounting to about 1 billion dollars annually. As the minister said, at his meeting with Lemierre he raised the question of bank investments in the branches of the Russian economy that need them most. These are aviation, commercial shipbuilding and transport. Gref said that the meeting with the chairman of the European bank also considered reconstruction of the Ostankino television tower, the project that will receive about 40 million dollars this year. The EBRD is now concerned with a serious project - it is putting together a syndicated credit for a complex of protection facilities in St Petersburg. To do so the EBRD is creating a bank pool. Gref believes that a credit agreement can be signed to this effect before the end of the year. He said that the bank plans to appropriate about 200 million dollars for the construction of a dam. Other things discussed at the meeting included the EBRD's possible participation in the restructuring of the Russian natural monopolies. According to the minister, Russia so far uses consultancy services only in this sphere. Nevertheless, the minister noted, details were thrashed out with the bank management about the principles governing credits for restructuring, in particular of Unified Energy Systems of Russia and the Ministry of Railways.

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