The Russian Federation and the International Bank for Reconstruction and Development (IBRD) concluded a loan agreement (No.: 4144-RU of October 29, 1997) to finance the Project of St. Petersburg center reconstruction in the amount of 31 Mln. US$ approved by the Government of the Russian Federation on February 2, 1998 No.: 118 and entered into force on 13 April, 1998. Of this amount, one million US dollars is transmitted by the Government of the Russian Federation in the form of a grant (grant aid) for implementing one of the Project’s components, namely, to support and develop the cultural institutions included in the State Code as the most valuable St. Petersburg cultural heritage objects of the Russian Federation people.

The assessment and final approval of the business plans developed by the cultural organizations within the PROJECT’s framework was carried out by the Interdepartmental Working Group consisting of representatives of the Russian Ministries and Departments, the Ministry of Land Policy, Construction, Housing and Communal Services, the Ministry of Finance, the Ministry of Culture and the National Housing Reform Fund, representatives of the St. Petersburg Administration, non-governmental organizations. 

The Culture Support Fund as a structural unit of the National Housing Reform Fund administered the grant competition management.

Since January 1999, the Management Solutions Ltd. has been rendering the consulting support of grant fund distribution. The Company’s experts prepared grant applications and business plans for the Projects of cultural institutions involved in the competition. To this end, the Program "Improving the financial and administrative management efficiency of St. Petersburg cultural institutions" was developed. It was aimed at promoting the competition between culture organizations for the Government grants. This Project was supported and implemented with the help of the Eurasia Foundation from the funds of the US International Development Agency.