Russia-Kazan Municipal Development Loan: release of the second tranche and waiver of one condition
Date
2006-12-12
Authors
Anderson, Kym
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The World Bank
Abstract
Kazan municipal development loan for Russia's implementation of the Program has been very good. The macroeconomic and fiscal framework has been satisfactory during the Program period. The Borrower and the City have fully met seven out of the nine core conditions of the second tranche release, and have substantially met one more condition relating to the improvements in the housing and communal sector (except full elimination of cross-subsidization between water users that was prevented by an unexpected tariff increase caps introduced in the national legislation). Implementation of one core condition, i.e. transfer of the city's water and wastewater facilities to a competitively selected private operator, has become largely redundant as the EBRD stand alone project came on board and its expected development impact is believed to meet the spirit of this loan. It is proposed that this condition is waived. Progress in respect to non-core conditions of the program of the Letter of Development Policy has been satisfactory in all material aspects. In view of the overall performance and progress with the implementation of the Program supported by the Loan, it is recommended that the Executive Directors approve the proposed waiver. Subject to no-objection by the Executive Directors, IBRD will notify the Borrower that the second tranche of USD 75 million has been made available for disbursement to the Borrower.
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agriculture, assets, autonomous regions, blueprint, borrowing, budget surplus, capital expenditures, capital needs, Central Bank, consumers, credit worthiness, cross subsidization
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2037-12-31
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