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WASHINGTON DC, August 21 (Itar-Tass) —— The International Finance Corporation (IFC), an entity of the World Bank Group interacting with private businesses, has approved a 500 million ruble ($15.6 million) loan to Chuvashia for building and repairing 47 kindergartens for 7,000 children. The loan will be granted for eight years.
The IFC said on Tuesday the loan will assist the development of preschool education in the republic in the period of 2012-2014.
Chuvashia Finance Minister Mikhail Nozryakov said that the loan would help upgrade kindergartens not only in the administrative center of the republic but also in many other cities. The IFC said the project would become an example for other Russian regions seeking an opportunity to expand and improve the quality of healthcare and education services.
Russia became an IFC member in 1993. Since then the Corporation has assigned $6 billion, including $1.5 billion in syndicated loans, for Russian socioeconomic projects. It is now taking part in 250 projects in Russian regions promoting economic growth and private business development. The IFC investment portfolio in Russia stands at $2.54 billion. Russia ranks third amongst IFC members by that indicator.