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

. Last Updated: 07/27/2016

World Bank Initials $400M Coal Loan

The Fuel and Energy Ministry said Friday that an agreement had been reached with the World Bank on a loan of $400 million for Russia's coal sector, with the formal signing set for next Friday.

A ministry spokesman said the loan will be split into two equal tranches, to be paid in four portions of $50 million and two of $100 million if the conditions of the credit are met.

Fuel and Energy Minister Sergei Generalov said the loan will be split between social support for the coal sector and help to prepare it for privatization, Interfax reported.

He added that the first funds for social support may be received at the end of April and for privatization at the end of June or start of July.

Generalov said as soon as the World Bank's board approves the loan, it will be possible for Russia to receive a Japanese credit for the coal sector, also worth $400 million.