Post Privatisation Support Loan

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The Post-Privatisation Support Loan is a technical assistance loan granted to the Russian Federation to implement specific programmes related to economic reforms. The project will fund: enterprise restructuring US$ 12.6 million improvement in corporate governance US$ 6.4 million investment promotion US$ 8.6 million other US$ 0.9 million. The project will have a strong transition impact in assisting Russian enterprises in restructuring, improve corporate governance standards and attract foreign capital. The loan is granted to the Russian Federation and is implemented by the Russian Privatisation Centre, a non-profit organisation established in Russia. Sovereign loan of US$ 28.5 million (equivalent to ECU 22.7 million). Total projects to be funded amount to US$ 28.5 million (equivalent to ECU 22.7 million). The Post-Privatisation Support Loan will provide funds for enterprise restructuring, investment promotion and improvement of corporate governance. The Russian Privatisation Centre (RPC) in Moscow and 26 individual regional representatives provide an advisory service to enterprises and the government on issues related to privatisation, restructuring and information for strategic investors. The RPC has developed a set of environmental procedures in which each sub-project is reviewed for potential environmental issues. Environmental studies will be financed under the project to assist advisors working on restructuring enterprises, providing information for potential strategic investors, helping companies to summarise the environmental status of their enterprise, and to identify environmental opportunities for significant cost savings in areas such as energy efficiency and waste reduction. A significant amount of the project will be implemented through the TurnAround Management Programme (TAM). TAM advisers and the RPC staff have received training on environmental issues, defining studies, and how to incorporate results into projects. The Bank will receive routine reports on how the environmental requirements are being implemented. While the project is a technical cooperation loan, there is no other specific technical cooperation funding attached to it.