VEB.RF to Finance New Airports in Karachay-Cherkessia and Omsk

The projects will receive financing under the Project Financing Factory programme, with VEB.RF acting as the Factory’s operator supervised by the Russian Ministry of Economic Development. Memorandums of cooperation were signed by governors, VEB.RF and Airports of Regions Management Company at the St. Petersburg International Economic Forum in 2025.

The total project value of the new Omsk-Fedorovka Airport System is 51 billion roubles, with VEB.RF’s commitment of 4 billion roubles. The total value of the greenfield project to build an airport in Karachay-Cherkessia is estimated at 36.5 billion roubles, with VEB.RF’s commitment of 4 billion roubles. Concession agreements were signed for both projects. The concession holder is Airports of Regions Management Company.

Vitaly Khotsenko, Governor of the Omsk Region and Head of Government of the Omsk Region: “Construction of Omsk-Fedorovka Airport is our strategic priority. A new modern airport will attract investment in the region, create new businesses and jobs and provide a significant incentive for the development of tourism. We find it important that Omsk-Fedorovka Airport meets all existing environmental standards to minimise the negative impact on the environment. This is a key aspect of the sustainable development of the region.”

The project in Omsk aims to relocate the existing airport away from the city, build a modern airport system and free up urban space. The project provides for design and construction of a modern passenger terminal, a cargo terminal and airport infrastructure facilities and buildings. The new airport has a runway which measures 3,200 meters in length and 45 meters in width and handles all types of modern long-haul and medium-haul airliners. A modern comfortable terminal is equipped with jet bridges. Omsk local residents voted to choose the airport design.

Head of Karachay-Cherkessia Rashid Temrezov: “Construction of the first airport in the region is a large-scale project and a major step in the economic development of the region. The project was supported by Russian President Vladimir Putin and Prime Minister Mikhail Mishustin. The new airport will improve transport accessibility of popular tourism clusters in Karachay-Cherkessia: Arkhyz, Teberda and Dombay. Currently, they are 4 hours away from the nearest airport.  |The new airport will substantially improve transport accessibility of these resorts and make them more attractive for tourists.  Expected travel time from the new airport would be reduced to 1-2 hours. The construction is planned for 2025-2028 and due to the improved tourism infrastructure by 2030, the popular Karachay-Cherkessia resorts are expected to serve up to 4 million guests per year.”

Nikolay Tsekhomsky, First Deputy Chairman, VEB.RF: “Construction projects of new airports in Russia have received high-level support, including instructions of the Russian President. The Russian government identifies the projects in Omsk and Karachay-Cherkessia as a priority for government support under the Project Financing Factory programme. A concession also serves as an effective tool to attract private investment to develop and modernise airport infrastructure.”

“That is an industry that demonstrates the most significant social impact. Improved aviation mobility is one of the objectives of the national project “Comfortable and Safe Living Environment”. VEB.RF acts as a key player in financing the construction and modernisation of regional airport infrastructure facilities for passenger air transportation. We have already created and modernised 15 airport terminals in Russia, and 6 more projects are currently underway. The total project value is over 360 billion roubles, with VEB.RF commitment of about 146 billion roubles. New airport terminals will be built with support from VEB.RF in nine more regions by the end of 2030.”

Maxim Kolesnikov, Russian First Deputy Minister of Economic Development: “Karachay-Cherkessia is a region with a unique natural and cultural heritage and is one of the most promising tourism destinations in Russia. In 2024, tourist arrivals to all-year resorts Arkhyz, Teberda and Dombay increased to 2.3 million. Tourist numbers are expected to reach 4 million by 2030. Omsk is a major transport hub connecting European Russia and the Far East. The advantageous geographical position of the Omsk Region contributes to the economic integration of the region via national and international transport corridors. The construction of new airports using the Project Financing Factory investment mechanism provides significant economic and social benefits to these regions, such as improved transport accessibility for passengers, new jobs, more investment, tourism and business development”.

General Director of Airports of Regions Evgeniy Chudnovsky: “Creating new modern airport infrastructure is a priority for the industry. We are a unique Russian company that has successful experience with greenfield projects to build airport systems in regions. New airports for Omsk and Karachay-Cherkessia are unique and complex projects that require considerable resources from public and private investors. In the current macroeconomic environment, the Project Financing Factory mechanism is the only solution to build such facilities. With support from the Russian Government and VEB.RF, this mechanism will be used to implement the projects.”