Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Loan for Russian Ports

MOSCOW -- The World Bank plans to open a $210 million credit line to Russia in 1998 for the construction of three ports in the Baltic Sea, an official said Tuesday.

The loan is to provide $70 million to each of the three ports. They include two ports in the Russian Baltic cities of Ust-Luga and Primorsk and a port in Batareinaya harbor, deputy chief of the Russian Merchant Fleet, Boris Grishin, was quoted by Interfax news agency as saying.

The agreement was reached at a meeting in late October between Russia's Transportation Minister Nikolai Tsakh and World Bank representatives, Grishin said.

The ports are already under construction and are expected to begin operation in 2001, he said.