World Bank credit allocated to Continental Management may be revoked: bank spokesperson
5. On February, 5 2005 the term in which Continental Management, managing company of Baikalsky pulp and paper enterprise, will present its plan of production modernization to the World Bank. If the plan is not presented, the credit of $22.4 million may be revoked, a spokesperson for the Russian WB office told Lesprom.ru.

World Bank credit allocated to Continental Management may be revoked: bank spokesperson

Feb 04, 2005. /Lesprom Network/. On February, 5 2005 the term in which Continental Management, managing company of Baikalsky pulp and paper enterprise, will present its plan of production modernization to the World Bank. If the plan is not presented, the credit of $22.4 million may be revoked, a spokesperson for the Russian WB office told Lesprom.ru.

Baikalsky is 1.5 years behind modernization schedule. The previously determined term in which the modernization is to be fulfilled expires on December, 31 2007. 'If the modernization does not start now, Continental Management may fail to finish the modernization in time' the spokesperson said.

Continental Management would not comment the statement made by the World Bank.

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