The bank's press release received by RIA Novosti Wednesday says at the first stage the project will contribute to modernization of education in accordance with the Federal Targeted Program "Development of a Unified Education Infomedia" (2001-2005), and will contribute to enhancing the availability, quality and efficiency of general secondary and vocational education in Russia.
The first stage of the project is to be implemented in 4 years, its overall cost is $145.44 million, out of which $100 million will be given by the World Bank, and $45.44 million will be provided by the Russian side as return financing.
According to the loan terms, postponement until the beginning of its repayment is 5 years, and the repayment term is 17 years.
The press release specifies that the project will contribute to creation of a network of inter-school methodical centers in seven pilot regions of the Russian Federation - from northwest to the Far East. Some 200 methodical centers will make it possible to create a support system to use computer equipment, software and telecommunications in education.
"The project is innovational, as it is aimed to support federal targeted programs 'Electronic Education' and 'Electronic Russia'," said Julian Schweitzer, the World Bank Country Director for Russia. "The project will ensure the achievement by the majority of students of education possibilities, adequate for new requirements of the labor market, regardless of their place of residence or the social status of their families." The Russian Federation became a member country of the World Bank in 1992. Since then, the overall volume of commitments on 58 projects totaled $13 billion.