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Russian Federation - St. Petersburg Economic Development Loan Project : restructuring (Vol. 2) : Data sheet (Inglês)

The development objective of the St. Petersburg Economic Development Loan Project is to: 1) policy and regulatory environment is conducive to the expansion of private sector enterprises; 2) larger and more efficient private market for land and real estate; 3) improved city fiscal management capacity; 4) city to preserve its comparative advantage in culture and the arts. This extension is necessary to ensure completion of stage two of the reconstruction of the east wing of the state hermitage museum which is currently underway and estimated to cost US$231,200,000 equivalent. The borrower is co-financing 90 percent of the contract with the remaining 10 percent provided under the loan. Stage two of the state hermitage east wing reconstruction is estimated to take 25 months and was initially scheduled for completion by end June 2012. This restructuring paper extends the closing date of the project from July 1, 2012 to December 31, 2013. This will be the second and final extension of the closing date for the project.




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