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. Last Updated: 07/27/2016

$515M Loans Sought From EBRD

Russia plans to attract about 500 million euros ($515 million) from the European Bank for Reconstruction and Development in 2000 to finance investment projects, Economics Minister Andrei Shapovalyants said Wednesday.

"Consultations [with the EBRD] allow us to say that the bank will intensify its activity in Russia in 2000, and it will be possible to attract about 500 million euros for previously agreed projects," he said at a news conference.

Shapovalyants, speaking after a meeting with EBRD first vice president Charles Frank, said the package included 14 already selected projects but did not elaborate.

Frank said an EBRD team had discussed with the government and private sector representatives the bank's strategy for 2000.

"Our focus is on the private sector investments. Our ability to find good investment opportunities will require continued improvement in the investment climate," Frank said.

Shapovalyants said EBRD investment shrank to 220 million euros in 1999 from 700 million euros in 1997, because Russia accounted for 85 percent of all its unrepaid loans.