EDB invests RUR 10 billion in the Western High-Speed Diameter
Almaty, 28 May 2012. The regular session of Eurasian Development Bank’s (EDB) Council in Astana approved an increase in the Bank’s financing of the public-private partnership project to construct and operate the Western High-Speed Diameter road to RUR 10 billion.
In December 2011 the Bank, within the authority of its Managing Board, decided to invest RUR 3 billion in Magistral Severnoy Stolitsy’s (Northern Capital Highway) project to construct a toll road in St. Petersburg. EDB, VTB Capital, Gazprombank, Vnesheconombank and the European Bank for Reconstruction and Development signed a memorandum with the company on the general principles and terms of lending for the project.
The Western High-Speed Diameter is one of the key solutions to the traffic problem in St. Petersburg. Its objective is to reduce traffic in the city centre and ensure high-speed passenger and freight transportation from St. Petersburg to the main country’s highways.
«This is a strategic investment project of the city to develop its transport infrastructure,» Gennady Zhuzhlev, Deputy Chairman of the EDB Managing Board, said. «It will shape the development of the city for years ahead and make St. Petersburg a world—class transport hub.» The construction of this road will make it practically possible to create in St. Petersburg the EurAsEC Northern Gates logistics centre as envisioned by the Blueprint for the Formation of the Common Transport Space.
The project
is included in the Federal Target Programme Developing Russia’s Transport
System
Additional Information
Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital exceeds US $1.5 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. Read more at https://www.eabr.org.