IBRD to give $140m credit to Russian State Customs Committee

The Board of Directors of the International Bank for Reconstruction and Development on April 22, 2003 unanimously supported the allocation of a $140m credit for the development of the information system of the Russian State Customs Committee, the press service of the Committee told RBC. The credit has a 5-year grace period and it is to be paid off in 17 years.

The project envisages the modernization of the information system of Russian customs agencies and it is an important part of the complex program on modernizing Russian customs agencies.

The implementation of this program will improve the tax discipline of foreign trade participants and enable the Committee to raise an additional $463m in tax revenues.