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World Bank Provides $30 Million to Help Soviet Industry

August 27, 1991

WASHINGTON (AP) _ The World Bank on Tuesday approved spending $30 million on technical assistance to help Soviet industry, spokesman Peter Riddleberger said.

Riddleberger said the funds would be used to improve Soviet banks and otherwise help move the Soviet economy into a market system.

The aid could be a step toward eventual membership in the bank and its sister organization, the International Monetary Fund, as requested by Soviet President Mikhail Gorbachev.

It was the first concrete assistance to the Soviets from either institution.

The money was approved at a closed-door meeting by the board that represents the bank’s 155 member governments, including the United States. Mark Cox, the acting U.S. representative, said Monday that he would support the measure.

A vote had been due last Tuesday. The proposal was withdrawn because of the attempted coup in Moscow, and reinstated on Friday after the attempt failed.

Money spent by the bank on technical aid is not considered a loan.

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