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The Board of Directors of the World Bank has approved a loan of $80 million to finance the project of modernization of Russian Rosgidromet
On Friday the Board of Directors of the World Bank has approved a loan of $80 million to finance the project of modernization and technical upgrading of the organizations and institutions of Russian Rosgidromet. This is said in the Bank's press release received by RIA Novosti on Friday. The project is to be implemented within five years and is a goal-oriented investment loan. The total sum of the expenditures on the project is $133.3 million, with the World Bank's share being $80 million out of the above-said sum. The Russian Federation's participation in financing stands at $53.33 million. The term for repaying the main debt is 17 years, the grace period being 5 years. The project is of global importance, since the data, collected on Russia's territory, make up approximately 10% of the overall volume of data transmitted through the network of the World Meteorological Organization as the basis for preparing the daily forecasts of weather in the world, the World Bank officials believe. The unfavorable and dangerous weather phenomena do a damage of $ 1-2 billion a year to Russia's economy, while Rosgidromet's possibilities to provide high-quality weather forecasts steadily diminished during the past decade, the press release notes. Russia became a member of the World Bank in 1992. Over the past period more than $13.5 billion were allocated for financing 60 operations of the Bank in Russia.
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