KURSK SUBMARINE TO BE RAISED USING MONEY OF ING BARINGS

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Echo of Moscow radio, March 29, 2001; NTV, March 29, 2001

A credit of one of the Europe’s largest banks ING Barings may be drawn for the project to raise the Kursk submarine. The international fund Kursk is already negotiating about issue of a credit under guarantees of European Union governments, as well as the governments of the US and Canada. Rio Praaning, general secretary of the foundation, reported that the fund would spend the credit on payment for services of foreign companies taking part in raising of the Russian nuclear submarine, which sunk in the Barents Sea in August 2000. Praaning added that the essence of the negotiation process and the possible credit terms was a commercial secret.

The foundation offered a scheme for financing of the operation back in January. The scheme made provisions for assignment of 1.9 million euros by each government of European Union, Canada, and US. These assignments would total 38 million euros, or 50% of the overall sum. The remaining 38 million euros were to be assigned by Russian budget.

The international fund Kursk was founded November 7, 2000, to accumulate the money necessary to lift the Kursk. The lifting operation is scheduled for August-September.

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