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Moscow Cuts World Bank Cooperation Projects
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FRI, FEB 22, 2002
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Russia is to reduce the amount of its cooperation program with the World Bank to 400-500 million U.S. dollars annually, the Russian Trade and Economic Development Minister German Gref announced Thursday.
The World Bank's funds will only be sent to projects related to the development of Russia's infrastructure, judicial reform, the computerization of the education system, and the modernization of customs service and tax bodies, Gref said.
The minister complained that the previous cooperation with the World Bank had been proved to be ineffective.
Fifty percent of the funds were not used, and the funds that were obtained were not always used effectively, he added.
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Editor:casey Source:Xinhua
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