Moscow, November 17, 2010 –The International Bank for Reconstruction and Development, a member of the World Bank Group widely known as the World Bank, and the State Company “Russian Highways” signed a Memorandum of Strategic Partnership during the International Congress “Road Traffic Russia-2010”.
The Memorandum was signed for the World Bank by Pedro Alba, Country Director and Resident Representative, and for the State Company “Russian Highways - by Sergey Kostin, Chairman of the Board”.
The Memorandum of indefinite duration aims to establish a strategic partnership in innovations. In addition, the Memorandum intends to create and broaden opportunities for the World Bank and the State Company “Russian Highways” to further develop road projects using public-private partnership (PPP) arrangements in the course of their joint implementation.
The document also allows the World Bank to provide assistance to the State Company “Russian Highways” in arranging implementation of investment projects, summarizing and adopting best international practices in road sector governance as well as in designing capacity building programs for the staff of the State Company.
Cooperation between the parties is based on mutual trust and benefits from experience accumulated on both sides.