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Business news, 04.12.2006 17:26

World Bank to consider new Russia strategy on Dec 14

World Bank The World Bank's executive board is to consider a new strategy for cooperation with Russia on December 14, World Bank Managing Director for Operations Graeme Wheeler said after a meeting with St. Petersburg Governor Valentina Matvienko, in St. Petersburg on Monday.

"Russia no longer needs the World Bank as a source of funding. The emphasis is moving to cooperation in the provision of consultation and the formation of knowledge," he said.

Matvienko, in turn, said that St. Petersburg and the World Bank signed an agreement on Monday under which the World Bank will provide consulting services for the Orlov Tunnel project.

"The agreement that we signed today is a pilot project for new cooperation between Russia and the World Bank. At the moment St. Petersburg no longer needs loans, cooperation should be in the area of consultation, the provision of World Bank experience and the use of new approaches, and new financial mechanisms," the governor said.

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