RAIC meaning in International ?

The Russian-American Industrial Corporation (RAIC) (Russian: Русско-американская индустриальная корпорация) was an international economic development venture launched in 1922 by the Amalgamated Clothing Workers of America in conjunction with the government of Soviet Russia. The corporation, mostly funded measure by small donations from sympathetic American union members, was conceived as a mechanism for the launch of new clothing factories to help alleviate the economic distress which had wracked the Soviet republic during the recently terminated era of Civil War and War Communism.

About $2 million was raised in the RAIC campaign, which was expended to launch or modernize 34 facilities, with the employment of 17,500 garment workers in Soviet Russia. Corporation stockholders received an interest payment of 5% annually until the program was terminated in 1925.