The World Bank is to lend Russia about CAN-$80 million to develop and preserve cultural sites in St. Petersburg, reports the Vancouver Sun (Canada). The beneficiaries include the State Hermitage Museum, the State Russian Museum, Tsarskoye Selo Museum and the Pavlovsk Museum. The money will also help cultural institutions introduce initiatives that will generate revenue, improve accessibility, and improve financial management, budget and investment planning. The loans are part of the St. Petersburg Economic Development Project, a joint initiative between the Russian government and the World Bank which will see some $315 million spent to improve the city's business climate, notorious for its corruption and red tape, and to restore important cultural sites which are not attracting as many tourists as they could. In addition to the $80 million, the World Bank will loan an extra $130 million for urban development and infrastructure and the government will contribute almost $105 million for the same project. While Russia has 17 years to pay back the loan, the projects are to be completed in the next five years. Meanwhile, Prime-TASS News (Russia) reports that of the $31 million, provided by Russia's Finance Ministry to St. Petersburg from the World Bank for the reconstruction of the city's historic center in 1997, $121,300 was allegedly misappropriated, the press service of Russia's Audit Chamber said Friday. Some expenses, including accommodation expenses of some foreign and one Russian specialist were not backed up by documentary proof as required by law, the press service said. Also, no documents were available to prove that some office furniture and equipment was returned to the city at the end of the project, with a total of $61,000 apparently being misspent.
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