World Bank Launches Online Service for Investors in Russia: Initiative unprecedented in scope, transparency
Washington, October 6, 2000 —The Multilateral Investment Guarantee Agency (MIGA) today announced the launch of a new English- and Russian-language website—PrivatizationLink Russia —designed to make privatization in Russia more transparent and accessible by investors around the world.
For the first time, investors will have instant, free access to business profiles of state-owned companies and assets currently for sale in the Russian Federation, along with details on the laws, regulations, and procedures governing these transactions.
The new service, launched today in Boston at the U.S.-Russian Investment Symposium organized by Harvard University, was developed by MIGA in partnership with the Russian Ministry of Property Relations and the Canadian International Development Agency. MIGA also coordinated with staff of the World Bank as well as the Russian Federal Property Fund, which holds the shares of enterprises being privatized and conducts the privatization auctions.
"The launch of this service is an important step toward enhanced transparency and fair market access for both foreign and domestic investors in Russia," said Karin Millett, MIGA’s director of Investment Marketing Services, commenting at the symposium. "It will contribute to maximizing the flows of new investments into Russia."
"PrivatizationLink Russia is tangible evidence of the fact that the privatization process in Russia has opened up and that Russia is ready to create a comfortable environment for investors," according to Deputy Minister of Property Relations and State Secretary Sergei Molozhavyi. "Its launch is particularly timely in light of new privatization legislation and Russia’s plans to introduce improved privatization models."
PrivatizationLink Russia is a specialized facility within PrivatizationLink, an Internet-based information service for firms seeking to invest in privatized enterprises within the world's emerging economies. Launched by MIGA’s Investment Marketing Services Department in June 1998, PrivatizationLink now covers over 50 countries in Central and Eastern Europe, Central Asia and sub-Saharan Africa, and is expanding to include other regions.
Users of PrivatizationLink also have full access to the vast amount of country and sector-specific information cataloged in IPAnet, MIGA’s online information clearinghouse for companies engaged in cross-border investment. IPAnet presently numbers over 10,000 information resources drawn from more than 450 investment-related organizations worldwide. Both PrivatizationLink and IPAnet are free of charge to users.
For information:
Stephan Dreyhaupt, sdreyhaupt [at] worldbank.org (sdreyhaupt[at]worldbank[dot]org,
t. 202-458-2943
Moina Varkie, )mvarkie [at] worldbank.org (mvarkie[at]worldbank[dot]org,
t. 202-473-6170)