April 1999

New Website -- "Investment Opportunities in Russia," created with the support of the Russian Federal Commission for the Securities Commission, is a new website aimed at providing all the complex organizational and technical information needed to build a bridge between Russian companies and international investors. The site will offer professional, concise business plans and other investment documents; disclose financial information about the company according to International Accounting Standards; provide management consultancy services, including advising firms about restructuring; and prepare professional business valuations and provide legal support. Visit the site at www.ivr.ru.

Another new site offers exchange rates for all major currencies for the past 2 years: www.oanda.com.

World Bank --The World Bank announced on March 4 that it has approved a US$21 million credit for the Electricity Transmission and Distribution Project in Armenia, representing the first phase of a broader restructuring program in the country's power sector. The goals of the program include placing Armenia's power sector on an efficient, commercial footing; meeting electricity requirements in a reliable and costeffective manner; and attracting private capital to meet the bulk of the capital requirements in the sector. The credit for Armenia is a new loan instrument known as Adaptable Program Lending, which was approved by the World Bank's board of directors in 1997. It allows for greater flexibility than traditional loan instruments to support more complex and longer term projects.

This report is provided courtesy of the Business Information Service for the Newly Independent States (BISNIS)