Participation of Russian companies in World Bank tenders will help increase exports
2021-06-29 11:57

Participation of Russian companies in World Bank tenders will help increase exports

The participation of domestic companies in the World Bank Group's tenders will, in the long term, provide an opportunity to increase exports of Russian products to third countries, said Oleg Podomatko, deputy director of the Department of International Financial Relations.

The Russian Finance Ministry recalled that the department, together with the World Bank's Moscow office, has been holding seminars to inform potential exporters about the possibility of participating in the Bank's procurements since 2019.

According to Podomatko, the department sees high potential in this direction. He reminded that last year the volume of contracts reviewed by the Bank exceeded $7 billion, with Russia's share in the total volume being insignificant at about 1%.

Domestic companies, including small and medium-sized businesses, can take part in tenders for goods and services within the framework of projects in various countries with the involvement of the World Bank financing.

The department's representative said he was confident that such events will allow Russian producers to realize their export potential.

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Author: Ksenia Gustova