Investments in culture are vital contributions for improving the conditions of St. Petersburg’s prominent cultural establishments.
In 2005 “The St. Petersburg Economic Development Project” was started. The objective of this program of cooperation between the World Bank, the Russian Federation Government, and St. Petersburg Government is to support the activities of the City’s Government in implementing reforms in the area of economic policy and legislation for the purpose of improving the investment attractiveness of St. Petersburg’s historic center.
The Ministry of Culture and the Federal Agency for Construction and Housing of Russian Federation approved projects submitted by the following cultural organizations of St. Petersburg:In accordance with the terms of the Project, a loan of USD 161.1 millions is provided to the Russian Government for 17 years. Co-financing by the Russian Government amounts to USD 78,7 millions. The Project implementation period is 2005 to 2009.
State Hermitage Museum
Mariinsky State Academic Theater
State Museum of the History of St. Petersburg
State Russian Museum
Shoctakovich St. Petersburg Academic Philharmonic
Rimsky-Korsakov St. Petersburg State Conservatory
Tsarskoe Selo State Museum
Pavlovsk State Museum
The Investment Fund for the Support of Culture (IFPK) was created as part of the “Economic Development Project of St. Petersburg”, with the purpose of preserving cultural sites of the city and assisting in the steady development of the cultural activities.
IFPK’s mission is to provide help and support for St. Petersburg’s cultural institutions for the realization of projects with the following goals:
Obtaining of minor investments for preserving buildings and objects
Increasing access to cultural objects and sites for all segments of the population, as well as developing and modernizing the informational infrastructure in order to preserve historic heritage and improve access to resources
Increasing the income from commercial activity
Improving financial management, budgeting, and investment planning.
Within the framework of the Project, competitions are organized for state cultural institutions of St. Petersburg for grants of US $50,000 up to US $200,000.