IFC recently signed an eight-year, $50.5 million loan agreement to finance a road modernization program in Russia's Chuvash Republic. This will help improve access to schools, hospitals, and other services for over 90 percent of local communities by building and upgrading about 400 kilometers of all-weather roads in rural areas.
IFC will also provide advisory assistance to the Chuvash Republic's Ministry of Municipal Construction and Development to help improve its management and maintenance of roads, and to the Department of Roads to strengthen its environmental and social management capacity.
This effort is led by a joint IFC/World Bank subnational finance initiative, which provides local governments with access to capital markets, enabling them to fund essential improvements in infrastructure.
For more information contact:
Irina Likhachova
Communications Officer
Phone: +1 (202) 473-1813
E-mail: ilikhachova@ifc.org
