Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Russia
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • World Bank (WB)
Status: Pipeline
Bank Risk Rating: B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower or Client: Ministry of Finance of the Russian Federation
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Law and Government
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 200.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD): $ 200.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD): $ 250.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

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Primary Source

Original disclosure @ WB website
Updated in EWS: 2018-01-21
Disclosure Date: 2016-06-10
Local Economic Development of Small Towns
WB-P147429

Project Description
According to bank documents, the project will aim at leveraging investments in cultural heritage and tourism in an effort to improve the economic development of 3-5 selected towns. It will use an integrated development approach. It will, therefore, finance activities related to urban planning, tourism development, (including marketing and branding), and capacity building for cultural heritage management and tourism promotion, It will also finance investments in physical restoration of historic sites, and upgrading of surrounding infrastructure in historic core of the selected towns. This is a shift from previous Bank financed projects which focused primarily on the rehabilitation of individual cultural heritage monuments. The proposed project components include: Component 1: Support for Economic Development and Tourism Component 2: Physical Investments in Historic Towns Component 3: Project Management and Monitoring
Investment Description
Contact Information
Team Leader: Soraya Goga Lead Urban Specialist, World Bank Telephone No.: 458-0138 Email Address: sgoga@worldbank.org Team Leader: Tatyana Shadrunova Senior Operations Officer, World Bank Telephone No.: 5738+2064 Email Address: tshadrunova@worldbank.org Borrower/Client/Recipient: Ministry of Finance of the Russian Federation Ms. Anna Valkova, Department for International Financial Affairs Telephone No.: 7-495-9134719 Email Address: avalkova@minfin.ru Implementing Agency: Ministry of Culture of the Russian Federation Mr. Artem Novikov, Deputy Director of Estate and Investment Policy Department Telephone No.: 7-495-6238444 Email Address: novikov@mkrf.ru ACCOUNTABILITY MECHANISM OF WORLD BANK The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx.
Bank Documents