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. Last Updated: 07/27/2016

World Bank to Help Fund Russia's Trade Project

The World Bank has agreed to fund the majority of a $34 million project to bring Russia's export and import standards into line with world standards, a move viewed as a prerequisite for Russia's application to the World Trade Organization.

An underdeveloped testing and certification system, World Trade officials contend, amounts to a type of barrier to trade that must be brought up to international standards before Russia can enter the WTO.

To assist Russia's effort, the World Bank intends to lend $24 million over a standard 17-year loan period, according to World Bank spokesperson Barbara Crosby in Washington D.C.

Another $10 million will be covered by the Russian government and by Canada. The five-year project will establish a center for inquiries about Russia's standards, as well as fund testing equipment, an exchange program for standards experts and a public-information campaign, according to the World Bank.

The WTO has said that Russia must end its heavy subsidies to its agricultural and industrial industries for its application to be approved, which could take two to three years.