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VEB.RF Provides RUB1.2bn from the National Wealth Fund to Renew Regional Public Transport

10 july 2024 года
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VEB.RF has granted financing from the National Wealth Fund for the EV renewal programme providing about RUB300m to Kursk and RUB940m to Lipetsk to purchase a new EV fleet.

Lipetsk and Kursk are eligible for modernisation of urban electric vehicles with VEB.RF’s support as approved by the Russian Government. The programme is supervised by Russian Deputy Prime Minister Dmitry Grigorenko. VEB.RF is the programme’s project office.

NWF’s low-interest loan (at a fixed 5% annual rate) is one of the sources to finance the programme provided by VEB.RF.

With financial support from VEB.RF, Kursk has received eight new one-section Lvionok trams that are already in operation. By the end of 2024, Kursk is expected to receive another 14 new trams financed by VEB.RF.

The total project value is RUB12.9bn, with VEB’s commitment of RUB8.2bn, including appropriations from Russia’s National Wealth Fund. Kursk needs to fully replace the tram lines, the network infrastructure, the depot and the tram fleet. The modernisation includes renewing about 42 km of tram lines, reconstructing eight tracking substations and depots, and purchasing 22 one-section Lvionok trams.

As part of the comprehensive programme for developing urban electric transport in Lipetsk, VEB.RF has financed the supply of 46 comfortable trams manufactured by Ust-Katav Car Building Plant. In general, Lipetsk intends to reconstruct 46 km of tramways, repair the tram depot and modernise the overhead line system. The works are scheduled to be completed in November 2025. The total project cost for the renewal of electric transport in Lipetsk is RUB14.5bn, with VEB.RF’s commitment totalling RUB9.3bn, including appropriations from Russia’s National Wealth Fund.

The tram renewal programmes in Kursk and Lipetsk are implemented under concession agreements signed between the regional administrations and Movista Regiony Kursk and Movista Regiony Lipetsk, respectively. The concession mechanism with a loan term of 20 years aims to reduce the financial burden on the regional budget.

As a result, cities will benefit from modern and comfortable tram systems, new tram stops, modern lighting and urban green spaces. The project is also designed to introduce a digital platform. Passengers can use a mobile app to manage their journey and pay fare. Developing urban electric transport in Russian cities is among VEB.RF’s top priorities. These projects considerably improve quality of life for local residents. Using only domestic technology and production will have a tremendous multiplying effect on several economic sectors.


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