Russia Far East Business Development Project (Magadan)

completed

The project assists with business development in Magadan, a far northeastern region of Russia that is heavily dependent on mining to drive its economy. The overall objective is to improve the environment for private sector development by extending the impact of the Canadian/IFC investment in the mining industry of Magadan Oblast. Specific objectives include: 1) increasing access to markets for small and medium enterprises (SMEs); 2) raising the level of local management skills; 3) improving access to financing for SMEs; 4) reducing administrative barriers and improving the legislative base for business development; and 5) educating and informing the public regarding the importance of the private sector.