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Vnesheconombank to Participate in Financing the Project on the Construction of the Western High-Speed Diameter Toll Motorway

23 december 2011 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ VTB Kapital, Gazprombank (Open Joint Stock Company), the European Bank for Reconstruction and Development (the EBRD) and the Eurasian Development Bank (the EDB) signed a Memorandum with LLC Northern Capital Highway on the main principles and conditions for funding the project on the construction of the Western High-Speed Diameter Toll Motorway.

Under the Memorandum the banks are working out terms of extending credit resources to the borrower – LLC Northern Capital Highway. The Memorandum determined main preliminary parameters to fund the project by creditor banks. These credit resources are to be used to finance expenses on the construction of the central segment of the Western High-Speed Diameter Toll Motorway.

The project is also to be financed from the Russian Investment Fund.

The project is being funded on the principles of public private partnership (PPP) and it provides for concluding a PPP agreement between the Government of Saint-Petersburg, OJSC the Western High-Speed Diameter, LLC Northern Capital Highway. LLC Northern Capital Highway is a consortium of investors comprised of OJSC Bank VTB and Gazprombank and the winner of the tender for the right to conclude an agreement in accordance with applicable legislation of Saint-Petersburg.

“Implementation of the largest infrastructure projects including those based on PPP principles is a top-priority objective of VEB”, said Vnesheconombank Chairman Vladimir Dmitriev.

Vnesheconombank is ready to extend about 40% of the whole amount of credit resources at a minimally possible effective interest rate and for a longer period compared with other financial institutions thus boosting the project’s commercial appeal for other participants and providing substantial support for building a motorway needed by Saint-Petersburg.

Under the PPP agreement, LLC Northern Capital Highway undertakes to build a central segment of the Western High-Speed Diameter Toll Motorway, operate and maintain  central, northern and southern segments of the Western High-Speed Diameter as well as charge tolling fees on the segments to be transferred  to LLC Northern Capital Highway for a long-term leasing of 30 years.

Southern and northern segments of the Western High-Speed Diameter are being built by OJSC the Western High-Speed Diameter (100% subsidiary of Saint-Petersburg). Since late 2010 auto traffic started on the southern segment of the motorway, by 2012 the northern segment’s construction is scheduled to be completed. This project is included in the Federal Target Program “Development of Russia’s Transport System” (2010-2015)”. The project’s implementation would make it possible to substantially relieve traffic congestion on transport routes in the central city during rush hours, open high-speed access to main transport routes, develop transport infrastructure of the city and include the Saint-Petersburg Big Port and the Marine Passenger Terminal on Vasilievsky island into it.

 

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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