European Bank for Reconstruction and Development (EBRD) President Jean Lemierre is taking part in the 4th St. Petersburg Economic Forum, which opened earlier today. According to the EBRD's Russian office, Lemierre will give a paper at the forum's plenary session. He also intends to meet Russian Prime Minister Mikhail Kasyanov during the forum.
The bank's Russian office also told Rosbalt that Lemierre might take part in the signing ceremony of a credit agreement between the EBRD and Lenenergo. The agreement is for a seven-year USD 40 million loan to be used to complete redevelopment work at a power station in St. Petersburg.
The EBRD's board of directors approved the loan to Lenenergo in December 2002. The redevelopment programme is intended to improve the reliability of heat and electricity supplies to the city's industrial and domestic consumers. The total cost of the programme will be around USD 60 million.
The head of the Russian Finance Ministry, Anton Siluanov, said that the Americans would suffer additional losses if they impose sanctions on Russia's public debt