Local Economic Development of Small Towns (WB-P147429)

Countries
  • Russia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
Ministry of Finance of the Russian Federation
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 200.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 200.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 250.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ WB website

Updated in EWS Jan 29, 2020

Disclosed by Bank Jun 10, 2016

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank documents, the project will aim at leveraging investments in cultural heritage and tourism in an effort to improve the economic development of 3-5 selected towns. It will use an integrated development approach. It will, therefore, finance activities related to urban planning, tourism development, (including marketing and branding), and capacity building for cultural heritage management and tourism promotion, It will also finance investments in physical restoration of historic sites, and upgrading of surrounding infrastructure in historic core of the selected towns. This is a shift from previous Bank financed projects which focused primarily on the rehabilitation of individual cultural heritage monuments. The proposed project components include:
Component 1: Support for Economic Development and Tourism
Component 2: Physical Investments in Historic Towns
Component 3: Project Management and Monitoring

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Team Leader: Soraya Goga
Lead Urban Specialist, World Bank
Telephone No.: 458-0138
Email Address: sgoga@worldbank.org

Team Leader: Tatyana Shadrunova
Senior Operations Officer, World Bank
Telephone No.: 5738+2064
Email Address: tshadrunova@worldbank.org

Borrower/Client/Recipient: Ministry of Finance of the Russian Federation
Ms. Anna Valkova, Department for International Financial Affairs
Telephone No.: 7-495-9134719
Email Address: avalkova@minfin.ru

Implementing Agency: Ministry of Culture of the Russian Federation
Mr. Artem Novikov, Deputy Director of Estate and Investment Policy Department
Telephone No.: 7-495-6238444
Email Address: novikov@mkrf.ru

ACCOUNTABILITY MECHANISM OF WORLD BANK

The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx.

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How it works