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Russian Development Bank Issues Guarantee for the Moscow Business Incubator

29 october 2008 года
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In order to perform a trilateral agreement signed by State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, Open Joint Stock Company the Russian Development Bank and Open Joint Company Moscow’s Business Incubator on implementing the first stage of the project “The Moscow Business Incubator Nagatino-ZIL” the Russian Development Bank issued a banking guarantee for the Moscow Business Incubator to secure its obligations to refund investment contribution. The guarantee in the amount of 1.4 billion rubles is issued for a period of up to October 31, 2010, Landesbank Baden-Wurttemberg is a beneficiary of this transaction.

 

The project is financed by Vnesheconombank, which opened a credit line worth 200 million dollars.

 

The project provides for creating 31.5762 hectares of office space in the Nagatino flood plain (the Southern Administrative District). This office space is designed for small and medium-sized business companies including those involved in developing advanced, innovative and nano technologies. The total development area is 948 200 square meters. The project’s commercial name is “Nagatino i-land”.

 

The project is being implemented on the basis of public private partnership principles with the Government of Moscow which undertook to build infrastructure facilities needed to secure the operation of the Technopark including a metro station and a bridge.

 

The project provides for:

-           

-          participating in the city program of supporting small businesses operating mainly in the innovative sector by way of providing them with top-quality premises,

-          creating conditions for developing innovative technologies,

-          meeting the urgent demand for office space of class “B” and “B+”,

-          improving living conditions of residents in adjacent districts through improving ecological characteristics of the territory,

-          improving transport infrastructure of the territory,

-          reconstructing a number of engineering facilities of the Moscow Automobile Factory ZIL to be later used both for the Technopark and adjacent territories,

-          upgrading the territory’s status in the project implementation zone thus boosting investment appeal of projects carried out in the said zone.

 

The Technopark is to be built in 5 stages. The first construction stage was started in July 2006. The construction is scheduled to be completed in the first quarter of 2009. The construction cost of the first stage is 497 million US dollars.

 

Origin: 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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