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  Tuesday, December 10, 2019
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The World Bank invests around $2-3 billion in projects worldwide and is pursuing two major projects in Russia
The World Bank invests around $2-3 billion in projects worldwide and is pursuing two major projects in Russia, a senior World Bank official said Sunday. Kristalina Georgieva, the World Bank's country director for Russia, said the money mainly went to housing and utilities infrastructure, and building housing for poorer sections of the population. "Around 60 projects have been completed," she told a roundtable on city development with local authorities in the capital of the Russian republic of Tatarstan, Kazan, during the city's millennium anniversary celebrations. Georgieva highlighted two of the World Bank's major projects in Russia, the economic development of St. Petersburg (in which a total of about $160 million will be invested) and the municipal development of Kazan ($125 million). The goal of the Kazan project is to help the city authorities create a firm financial base for the city's stable economic growth, improve management of city property, support the local welfare system, and improve the housing and utilities infrastructure. The loan has a term of 17 years with repayment starting in five years. The World Bank funds are provided in tranches, the first of which has already been paid. The second ($75 million) will be issued after a review of ongoing project work is conducted in early 2006.
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