Source Pravda.Ru

Russian gov't OKs borrowing $290m from World Bank

The Russian government has approved borrowing a total of $290m from the International Bank for Reconstruction and Development, the Government Information Department reported. The first loan of $150m will be taken for financing a project dealing with tuberculosis and AIDS, and the second one of $140m is intended for upgrading information facilities of Russia's customs agencies. Both loans mature in 17 years and have a five-year grace period.

The project on tuberculosis and AIDS prevention and treatment seeks to slacken the spread of these diseases in Russia in the short-term perspective and lower the incidence of these diseases in the future. Another project that is aimed at upgrading information systems of customs services will allow for the facilitation and higher transparency of customs procedures.

Both loans were approved by the Board of Directors of the World Bank on April 22, 2003.