OREANDA-NEWS. August 05, 2009. The World Bank Country Director for Russia Klaus Rohland had a working meeting with Governor of the Voronezh Oblast Alexey Gordeyev. Topping the agenda were key avenues of mutually beneficial cooperation between the Voronezh Oblast and the Bank, reported the press-centre of World Bank.

"The World Bank is a highly reputable international financial institution carrying out many useful projects in the Russian Federation — both in economic and in social spheres"— Governor Gordeyev emphasized, expressing confidence that in the near future the Bank would begin implementation of joint programs in the Voronezh Oblast.

During the meeting, Klaus Rohland reported that as per the agreement with the Government of the Russian Federation, the World Bank had begun implementing a new, more flexible, partnership strategy with the Russian regions in the context of the World Bank "Regional and Municipal Development Program". The Program anticipates a direct cooperation with Russia's regions - without sovereign guarantee from the Federal government.

Last year, the Voronezh Oblast and the World Bank had come close to signing a Memorandum of Cooperation, but those plans were hindered by the global financial crisis.

According to Alexey Gordeyev, "Many businesses have benefited from changes in the economy forcing them to consider cost optimization and industrial modernization. The crisis should help lagging businesses drop non-competitive production. With the help of the World Bank and other financial institutions we plan to channel financial resources in those areas where the Oblast holds the biggest advantages compared to other regions, i.e. to investments".

"The time has come to resume our work and to assess the possibility and prospects for joint cooperation", said the World Bank Country Director for Russia Klaus Rohland. "We stand ready to support the Voronezh Oblast in implementing specific investment projects", Mr. Rohland added.

In the course of the meeting, a number of priority areas of cooperation between the Voronezh Oblast and the Bank were identified, including subnational lending for modernization of the heating system and infrastructure development of industrial parks. In addition, the Governor expressed interest in receiving The World Bank Group's advisory and analytical services for designing the energy efficiency program and creating an environment enabling investments in the agricultural sector of the Oblast.

The World Bank Country Office in Russia and the Voronezh Oblast intend to sing a Memorandum of Understanding, and to start discussions on the already identified projects within the next month. Also, Alexey Gordeyev and Klaus Rohland did not rule out the possibility of opening the World Bank Reprehensive Office in Voronezh.