Skip to Main Navigation

St. Petersburg Economic Development Project

Abstract*

The St. Petersburg Economic Development Loan (SPB-EDL) for the Russian Federation will support the City in its efforts to accelerate the implementation of key elements of the Strategic Plan, which was designed to enhance the city's prospects for sustainable economic growth in the medium- and longer term, and allow it to more fully exploit its position as Russia's "Window to the West". To this end, SPB-EDL will contribute to: (a) improving the business...

* The project abstract is drawn from the PAD, SAR or PGD and may not accurately reflect the project's current nature

Show More

Development Objective

1) Policy and regulatory environment is conducive to the expansion of private sector enterprises; 2) Larger and more efficient private market for land and real estate; 3) Improved City fiscal management capacity; 4) City to preserve its comparative advantage in culture and the arts.

Key Details

Project Details

  • P069063

  • Closed

  • Tatiana Shadrunova

  • Ministry of Finance of the Russian Federation

  • Russian Federation

  • January 17, 2003

  • (as of board presentation)

    May 15, 2003

  • January 24, 2005

  • US$ 571.93 million

  • Ministry of Culture of the Russian Federation

  • Europe and Central Asia

  • 2003

  • US$ 101.10 million

  • F

  • Not Applicable

  • April 14, 2020

  • BANK APPROVED

  • October 12, 2023

  • Notes

Finances

Financing Plan (US$ Millions)

No data available.
Financier Commitments
International Bank for Reconstruction and Development 101.10
Borrower/Recipient 470.83

Total Project Financing (US$ Millions)

Product Line IBRD/IDA
IBRD Commitment 101.10
IDA Commitment N/A
IBRD + IDA Commitment 101.10
Lending Instrument
Grant Amount N/A
Total Project Cost** 571.93

Summary Status of World Bank Financing (US$ Millions) as of July 31, 2025

Download:
No data available.
Financier Approval Date Closing Date Principal Disbursed Repayments Interest, Charges & Fees

Detailed Financial Activity as of July 31, 2025

Download:
No data available.
Period Financier Transaction Type Amount (US$)
Apr 15, 2020 IBRD-46940 Int Charges 1,801.84
Apr 15, 2020 IBRD-46940 Int Charges 31,739.27
Apr 15, 2020 IBRD-46940 Loan Repay 1,755,275.00
Apr 15, 2017 IBRD-46940 Loan Repay 223,836.88
Apr 15, 2017 IBRD-46940 Int Charges 2,965.59
Apr 15, 2017 IBRD-46940 Int Charges 220,871.30
Aug 30, 2018 IBRD-46940 Loan Disb 100,000.00
Apr 15, 2018 IBRD-46940 Loan Repay 187,359.81
Apr 15, 2018 IBRD-46940 Int Charges 2,523.88
Apr 15, 2018 IBRD-46940 Int Charges 184,835.94
Apr 15, 2018 IBRD-46940 Loan Repay 3,917,930.80
Dec 6, 2017 IBRD-46940 Loan Disb 500,000.00
Apr 15, 2019 IBRD-46940 Int Charges 344.13
Apr 15, 2019 IBRD-46940 Int Charges 1,982.16
Apr 15, 2019 IBRD-46940 Int Charges 168,602.34
Apr 15, 2019 IBRD-46940 Loan Repay 3,934,361.80
Apr 15, 2019 IBRD-46940 Loan Repay 170,928.64
Oct 15, 2018 IBRD-46940 Int Charges 2,327.16
Oct 15, 2018 IBRD-46940 Int Charges 216,742.80
Oct 15, 2018 IBRD-46940 Loan Repay 3,886,220.50
Jan 3, 2019 IBRD-46940 Loan Disb 342,000.00
Oct 15, 2018 IBRD-46940 Loan Repay 219,069.95
Oct 15, 2019 IBRD-46940 Loan Repay 4,105,290.50
Oct 15, 2019 IBRD-46940 Int Charges 1,804.64
Oct 15, 2019 IBRD-46940 Int Charges 106,803.05
Oct 15, 2019 IBRD-46940 Int Charges 0.01
Oct 15, 2019 IBRD-46940 Int Charges -0.01
Apr 15, 2019 IBRD-46940 Int Charges 31.52
Apr 14, 2020 IBRD-46940 Loan Cancel 2,313,333.80
Mar 27, 2020 IBRD-46940 Loan Disb -186,044.08
Mar 27, 2020 IBRD-46940 Loan Disb -687,505.70
Oct 15, 2020 IBRD-46940 Int Charges 97.57
May 15, 2003 IBRD-46940 Loan Commitment 161,100,000.00
Oct 15, 2014 IBRD-46940 Int Charges 2.74
Oct 15, 2014 IBRD-46940 Int Charges 138,114.75
Oct 15, 2014 IBRD-46940 Loan Repay 3,964,186.20
Oct 15, 2014 IBRD-46940 Loan Repay 141,104.27
Oct 15, 2014 IBRD-46940 Int Charges 4.15
Oct 15, 2014 IBRD-46940 Int Charges 2,985.37
Apr 11, 2014 IBRD-46940 Loan Disb 100,000.00
Apr 15, 2014 IBRD-46940 Int Charges 0.01
Apr 15, 2014 IBRD-46940 Int Charges 3,143.03
Apr 15, 2014 IBRD-46940 Int Charges 159,256.62
Apr 15, 2014 IBRD-46940 Loan Repay 2.74
Apr 15, 2014 IBRD-46940 Loan Repay 4,105,287.80
Apr 15, 2014 IBRD-46940 Int Charges -0.01
Oct 15, 2013 IBRD-46940 Loan Repay 3,909,648.50
Oct 15, 2013 IBRD-46940 Loan Repay 195,642.08
Oct 15, 2013 IBRD-46940 Int Charges 192,406.02
Dec 30, 2013 IBRD-46940 Loan Disb 100,000.00
Oct 15, 2013 IBRD-46940 Int Charges 3,236.06
Apr 15, 2015 IBRD-46940 Int Charges 2,969.06
Apr 15, 2015 IBRD-46940 Int Charges 131,804.60
Apr 15, 2015 IBRD-46940 Loan Repay 4,105,290.50
Apr 15, 2016 IBRD-46940 Int Charges 2,980.71
Apr 15, 2016 IBRD-46940 Int Charges 150,949.90
Apr 15, 2016 IBRD-46940 Loan Repay 4,105,290.50
Oct 15, 2015 IBRD-46940 Int Charges 2,985.37
Oct 15, 2015 IBRD-46940 Int Charges 143,365.94
Oct 15, 2015 IBRD-46940 Loan Repay 4,105,290.50
Oct 15, 2016 IBRD-46940 Int Charges 2,977.23
Oct 15, 2016 IBRD-46940 Int Charges 194,864.83
Oct 15, 2016 IBRD-46940 Loan Repay 3,907,448.50
Oct 15, 2016 IBRD-46940 Loan Repay 197,842.06
Oct 15, 2017 IBRD-46940 Int Charges 2,985.37
Oct 15, 2017 IBRD-46940 Int Charges 208,897.38
Oct 15, 2017 IBRD-46940 Loan Repay 3,893,407.80
Oct 15, 2017 IBRD-46940 Loan Repay 211,882.75
Apr 15, 2017 IBRD-46940 Loan Repay 3,881,453.80

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name Review Date
Progress towards achievement of PDO Satisfactory 2019-09-25
Procurement Satisfactory 2019-09-25
Project Management Satisfactory 2019-09-25
Monitoring and Evaluation Satisfactory 2019-09-25
Financial Management Satisfactory 2019-09-25
Overall Implementation Progress (IP) Satisfactory 2019-09-25
Overall Safeguards Rating Satisfactory 2019-09-25
Overall Safeguards Rating Satisfactory 2019-09-25
Counterpart Funding Satisfactory 2019-09-25

COMPLETION RATINGS

INDICATORIMPLEMENTATION COMPLETION & RESULTS REPORT: 04-28-2021
OutcomesSubstantial
Risk to Development Outcome
Bank PerformanceSubstantial
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATORICR REVIEW: PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome RatingModerately Satisfactory N/a
Risk To Development OutcomeN/a
Bank PerformanceSatisfactoryN/a
Borrower PerformanceN/a
Government PerformanceNot RatedN/a
Implementing AgencyN/a
Icr QualitySubstantialN/a
M&e QualityModestN/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATORBASELINECURRENTTARGET
  • More competitive environment due to 10% p.a. increase in number of new SMEs registered in SPB.Value96900.00228000.000.00
    DateDecember 31, 2003December 31, 2007
    Comment
  • 5% p.a. increase in private transactions for land and real estate.Value90402.00212352.000.00
    DateDecember 31, 2002December 31, 2007
    Comment
  • Credit rating by international credit rating agencyValueFitch IBCA: BB (positive) S&P: BB (stable) Moody's
    DateDecember 31, 2003March 31, 2014
    Comment
  • Growth in tourism 8%p.a.Value2737685.0010400000.000.00
    DateDecember 31, 2002September 20, 2019
    Comment

INTERMEDIATE RESULTS INDICATORS

INDICATORBASELINECURRENTTARGET
  • Number of completed sub-projects under sub-component "Rehabilitation of Cultural Assets in St. Petersburg"Value0.009.000.00
    DateJanuary 24, 2005April 14, 2020
    Comment
  • Number of completed sub-projects under "Cultural Investment Facility" sub-componentValue0.0032.000.00
    DateJanuary 24, 2005September 20, 2019
    Comment
  • Number of viable/sustainable applications submitted by participants to St. Petersburg Cultural Committee as a result of completion of the Staff Reserve programValue0.0020.000.00
    DateFebruary 26, 2009April 14, 2020
    Comment
  • Divestiture of City owned enterprisesValueBaseline value is zero as this is the start of the
    DateJanuary 1, 2002January 16, 2008
    Comment
  • Number of cultural institutions’ sites rehabilitated under the Project with improved visitor facilitiesValue0.009.000.00
    DateJanuary 31, 2005April 14, 2020
    Comment
  • Cultural Investment Facility (CIF) resources fully committed by end of fourth year of project implementation and completion of all CIF operations by end of projectValueBaseline is zero, as it is start of the project: nAll CIF funds (US$ 7.99 mln. of loan amount) are f
    DateJanuary 24, 2005April 14, 2020
    Comment
  • Number of cultural institutions’ sites rehabilitated under the Project that provide improved unassisted access for people with disabilitiesValue0.005.000.00
    DateJanuary 31, 2005April 14, 2020
    Comment