On the sidelines of the International Congress Road Traffic Russia – 2010 the international Bank for Reconstruction and Development, a part of the World Bank Group and commonly known as the World Bank, and the Russian Highways State Company inked a memorandum on strategic partnership.
Country Director and Resident Representative of the World Bank in the Russian Federation Pedro Alba and Avtodor CEO Sergei Kostin signed the memorandum.
The memorandum with an indefinite validity term aims at establishing strategic business partnership in investment activities. Besides, the memorandum calls for the creation and expansion of the range of possibilities to further develop by the World Bank and Avtodor State Company road projects during their joint implementation with the use of public-private partnership mechanisms.
The document also envisaged a possibility of World Bank assistance to Avtodor State Company in the organization of a management system to implement investment projects, in generalizing and adapting advanced world experience in road industry management, as well as in designing programs to retrain the personnel of the company.
The cooperation between the parties will be based on the principles of mutual trust and sharing of accumulated investment experience.