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Vnesheconombank is Interested in Developing a Project to Construct an Integrated Economic City and Creating a Special Economic Zone in the Baikal Territory

28 november 2011 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Government of the Baikal Territory, the Olympic City Group of Companies and OJSC the Far East and the Baikal Region Development Fund entered into a Memorandum of Intent.

On behalf of Vnesheconombank the Memorandum was signed by Board Member- Vnesheconombank First Deputy Chairman Nikolai Kosov, on behalf of the Baikal Territory Government – by Governor Ravil Geniatulin, on behalf the Olympic City Group of Companies – by Director General Alexei Semenyachenko, on behalf of OJSC the Far East and the Baikal Region Development Fund – by Director General Gennady Alexeev.

The Memorandum provides for establishing cooperation between the parties in forming a project aimed at constructing an integrated economic city “Economic City” as part of creating a special economic zone in the Baikal Territory. The project is expected to be implemented on the principles of public private partnership including raising non-budgetary funds.

After entering into a state contract, Vnesheconombank is scheduled to provide investment consulting services on forming this project with the use of PPP mechanisms and explore the possibility of its participation in funding the project.

The Memorandum is to be implemented in two stages: at the first stage Vnesheconombank is to consider the project’s economic, financial and legal feasibility as well as conditions for forming the project on PPP principles on the basis of information provided by all the parties. Upon the completion of the first stage the Government of the Baikal Territory is to take a decision on whether it is worthwhile implementing the second stage. During the second stage the parties are to make arrangements for holding a tender for the right to conclude a PPP agreement on implementing the project including preparing contractual and tender documentation. They are also to take measures for engaging funding institutions.

A working group is to be set up to coordinate the parties’ efforts.

Open Joint Stock Company the Far East and the Baikal Region Development Fund was registered in the city of Khabarovsk on November 3, 2011. The Fund’s main lines of activity are to enhance the development of investment activity in the constituent entities of the Far East and the Baikal region as well as to prepare top quality regional and urban development projects. Earlier Vnesheconombank approved the terms of the Bank’s participation in funding investment projects in the Far East and the Baikal region.

The Olympic City Group of Companies is specializing in the field of real estate and comprehensive development of territories. As of today, the volume of territories being developed under the Group’s projects is 100 million is sq meters.

 

Press Office of Vnesheconombank
Phone +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru


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