Russian Customs gets release of $140 million loan for modernization
Russian Customs has received the release of a $140 million development and modernization loan from the World Bank.
Russian Customs and the World Bank have been working on the loan, with strong support from the World Customs Organization and International Monetary Fund, for about a year.
The development and modernization initiatives covered by the loan are:
* Promotion of internationally accepted practices to process international trade.
* Improvement in foreign investment in the Russian economy.
*Increased taxpayer compliance with the Russian Customs code and ensure uniformity of its application throughout the agency.
The WCO said the Russian Customs modernization initiative will help Russia prepare of its accession to the World Trade Organization.
For more information about Russian Customs modernization plans, read the February 2003 American Shipper, pages 52-56.