The eagerness to attract foreign capital to the project fits with the desperate need for Russia to boost its credibility with international business.

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And an open letter, signed by 32 Icelandic economists, gave warning that it would not even provide Iceland with what it needs: international credibility as a normal developed state.

ECONOMIST: Charlemagne

The money is essential for enhancing the country's international credibility, particularly with major creditors.

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In a response to that story, Huawei's head of corporate communications responded with an e-mail defending the company's international credibility.

FORBES: MetaData