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Direct Agreement Signed by VEB.RF for Large-Scale Modernisation of Armavir’s Water Utility Infrastructure

11 august 2025 года
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The document sets out the terms of long-term cooperation, as well as specifying approaches to risk sharing among the participants in the concession project in order to achieve its goals, which ensures the reliable operation of local water supply and wastewater disposal systems.

The signing ceremony was hosted by VEB.RF. The agreement was signed by Minister of Economic Affairs Aleksey Yurtaev on behalf of the Krasnodar Territory, Armavir Mayor Andrey Kharchenko on behalf of the concession grantor, Managing Director Nikolay Borisenko on behalf of VEB.RF, and Third Water Concession Company’s CEO Dmitry Dedov on behalf of the concession holder.

It is intended that VEB.RF will participate in financing the large-scale modernisation of all public utility networks in Armavir. Overall, 70 kilometres of water supply networks and 63 kilometres of sewers will be rehabilitated. Our plans include upgrading 16 and 12 pumping stations for water supply and sewerage systems respectively, as well as renewing motor vehicles and special-purpose equipment. All these measures will enable new local industrial facilities to obtain a utility connection. The loan agreement to finance the project was signed by VEB.RF and Rosvodokanal in early June 2025.

Nikolay Borisenko, Managing Director and Head of Investment Financing, said: “The investment programme is about 30 billion roubles in total. VEB.RF will lend 4.5 billion roubles to the project, as well as securing the performance by the concession holder of its obligations to the municipality on an annual basis. The document is a key element that provides access to lending, and the Krasnodar Territory’s first agreement signed to implement such community infrastructure projects. The parties will make every effort to ensure that this experience allows the region to efficiently carry out infrastructural projects based on public-private partnerships in the future.”

“The Armavir concession is an example of a modern approach to infrastructural development. The agreement will enable the region’s water supply system to undergo a major modernisation programme, which will effectively provide our residents with better water quality and increase the reliability of public utility services. But the important thing is how we cooperate. VEB.RF acts not only as a lender, but also as a direct investor. The approach where our partner shares the risks and is committed to achieving the desired outcomes is key to the success of the project and to sustained infrastructural development for decades to come,” said Aleksey Yurtaev, Minister of Economic Affairs of the Krasnodar Territory.

The project based on a public-private partnership will enhance the efficiency of attracting and using investment from the public and private sectors and will make the investor’s long-term financial model more resilient and predictable, which will also have a positive effect on the level of utility bills. Despite high investment costs, one of the key objectives of investors is to ensure that city dwellers will continue to pay socially oriented utility bills.

“The project is strategically important for the city’s infrastructural development. This will allow us to do more than just repair networks on a case-by-case basis; we will be able to comprehensively modernise the entire water system, from the replacement of pipes to the rehabilitation of treatment facilities,” said Dmitry Dedov, CEO, Third Water Concession Company.

Earlier, on 12 May 2025, the Krasnodar Territory Administration, the Armavir City Administration and Rosvodokanal entered into a concession agreement to modernise the water supply and wastewater disposal for a term of 49 years.

The direct agreement is a special instrument designed to set out the terms of the financier’s long-term cooperation with the concession grantor and the concession holder and specify approaches to risk sharing among all the parties, which makes it possible to ensure the most effective interaction and involvement of the participants in the concession project in order to achieve its goals.
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