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Russia: Loan Agreement for the Preservation and Promotion of Cultural Heritage Project has been signed

March 23, 2010

MOSCOW, March 23, 2010 – Today, Pedro Alba, World Bank Country Director and Resident Representative for Russia hosted the signing ceremony of the Loan Agreement on the Preservation and Promotion of Cultural Heritage Project between the International Bank for Reconstruction and Development (IBRD) and the Ministry of Culture of the Russian Federation. 

Mr. Andrey Busygin, Deputy Minister of Culture of the Russian Federation, and Mr. Alba signed the US$ 100 million Loan agreement for the Project, worth a total of US$ 250.5 million.

The main objective of the Project is to support the rehabilitation and improvement of cultural heritage sites and institutions, conservation, safekeeping and promotion of cultural heritage assets in four of the country’s oblasts (regions), including Leningrad, Pskov, Novgorod, and Tver oblasts. 

The Project will also help the participating oblasts to strengthen their institutional capacity for cultural heritage management so that it could foster socio-economic development arising from the opportunities of cultural tourism. 

The Project is fully consistent with the current World Bank/Russia Country Partnership Strategy (Strategy). The Project is consistent with the three core Strategy’s pillars, including diversification of the country’s economy for its sustainable development and growth, improvement of public sector management and performance, and enhancement of Russia’s global role.

The IBRD UmS$ 100 million flexible loan has an interest rate equal to 6 Months LIBOR for US dollar, plus variable spread, with final maturity of 17 years including a grace period of 6 years with level repayment pattern. Total financing of the Project is US$ 250.5 million, of which Government of the Russian Federation finances US$ 150.5 million from its own resources.

“The Project is in line with the key objectives of the Concept for the Long-Term Social and Economic Development of the Russian Federation until 2020, which refers to culture as one of the strategic sources for economic development, and to Russian regions’ cultural potential. Leningrad, Pskov, Novgorod and Tver oblasts - being located between St. Petersburg and Moscow - are rich in history and in national historic landmarks that are of universal significance,” said Pedro Alba. “The Project builds on know-how and operations experience of the St. Petersburg Economic Development Project and its predecessor, the St. Petersburg City Center Rehabilitation Project.” 


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