RRDB and the World Bank signed a Memorandum of Understanding

Moscow, 30 December. The Russian Regional Development Bank and the World Bank have signed a memorandum of understanding.

This memorandum aims to continue the collaboration between these financial institutions to develop joint projects and coordinate a Program for Regional and Municipal Development to be implemented in Russia by the World Bank Group in agreement with the Russian government.

This program provides for the implementation of projects aimed at introducing, developing and expanding the use of innovative and environmentally friendly technologies and equipment, as well as new and renewable sources of energy.

The banks will cooperate in providing support and various financial products to regional and municipal governmental bodies. This financial support will help developing projects aimed at improving energy efficiency and energy saving, as well as leakage prevention, methane recycling and biomass use.

This document significantly expands the scope of interaction and cooperation between RRDB and the World Bank compared with the memorandum signed between these financial institutions on 24 August 2006.