WB approves $125 mln loan for two projects in Russia

WB approves $125 mln loan for two projects in Russia

08.12.2010, 07.53

WASHINGTON, December 8 (Itar-Tass) - The World Bank approved on Tuesday two projects in Russia - a loan of 100 million US dollars to implement the second part of the programme to preserve cultural heritage, as well as a 25 million US dollars loan to improve financial literacy and education. WB Russia Executive Director Vadim Grishin told Itar-Tass.

According to him, discussions at the bank?s Board of Directors ?were held in a friendly manner.? ?The projects will be launched early next year,? Grishin said. ?The first covers the Leningrad, Pskov, Novgorod and Tver regions. ?As for the second, the executive director continued, ?the innovation, pilot nature of this programme was stressed ? by the results of its implementation in Russia, it can be extended to other countries.?

Vadim Grishin said this project had been initiated in 2006, when Russia chaired the Group of Eight. ?And then it got the full support from the partners,? the executive director noted. ?At present, in times of crisis, the urgency of improving the financial literacy of the population at large has increased, both in developed and developing countries. It is not accidentally that some developed countries, like the United States, are implementing major national projects on financial education and literacy.?

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