The Supervisory Board of VEB.RF has approved the terms of VEB.RF’s participation in financing a factory for the batch production of high-speed rolling stock for the Moscow–Saint Petersburg high-speed railway project.
The production of high-speed trains is to begin in 2027, with batch production starting in March 2028. The project is being implemented by Ural Locomotives. The project budget is about 43 billion roubles, with VEB.RF’s commitment of at most 33.915 billion roubles; the loan term is up to 14.5 years. The loan is to be obtained on special terms through the Cluster Investment Platform mechanism.
Dmitry Grigorenko, Russian Deputy Prime Minister and Chief of Staff of the Government Executive Office, and Chairman of the Supervisory Board, VEB.RF: “VEB.RF carries out strategically important investment projects with high risks and a long payback period. These include financing the creation of high-speed railways. The projects are complex and capital intensive, but they are necessary to improve the lives of people and develop the country’s economy. The group works not only as a financial institution, but also as a project office, combining the efforts of regions, private-sector companies, and banks. All this makes VEB.RF the government’s effective tool to achieve results in the interests of people and businesses.”
Igor Shuvalov, Chairman, VEB.RF: “Participation in large-scale infrastructural projects of the country, including financing the creation of high-speed railways, is one of the high-priority areas of our new Development Strategy. Under the Moscow–Saint Petersburg high-speed railway project, VEB.RF supports the creation of production facilities for rolling stock and the performance of contracts for the supply of rolling stock to the carrier. VEB.RF has already provided 34 billion roubles in guarantees under the project, and we will soon provide a guarantee for another 18 billion roubles.
“In addition, the Industry Development Fund (IDF, coordinated by VEB.RF on behalf of the Ministry of Industry and Trade) made loans to finance the purchase of equipment for the new factory in advance.”
The high-speed electric train production facility with a total area of 60,000 square metres will be built at the Ural Locomotives site in Verkhnyaya Pyshma. The train will be made of state-of-the-art materials. The factory is to be built in 2026, and the first two trains will be delivered for certification and infrastructure tests in 2027. Passenger services are to start in the spring of 2028. The travel time between Moscow and Saint Petersburg will be 2 hours and 15 minutes. To launch the Moscow–Saint Petersburg high-speed railway, 28 trains should be available by 2028.
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