EDB signs a letter of intent with the Government of St. Petersburg with respect to transport infrastructure projects
St. Petersburg, 1 June 2017. Eurasian Development Bank (EDB) and the Government of St. Petersburg signed a letter of intent to construct the M-49 highway and Suzdal Avenue. The signatories were Dmitry Pankin, Chairman of the Management Board at EDB, and Georgy Poltavchenko, Governor of St. Petersburg.
The parties agreed to cooperate in order to develop transport infrastructure and improve transport accessibility in St. Petersburg. It is intended, in particular, to tackle heavy traffic in the city and ensure accessibility of new residential and industrial district in the north-western part of St. Petersburg.
The project is scheduled to be fulfilled in 2017-2027. EDB is expected to invest over RUB 14 billion.
In addition, EDB and the Government of St. Petersburg signed a letter of intent to construct a high-speed highway with a bridge across the Neva River along the Finland Railway Bridge between Fayansovaya and Zolnaya streets (the Eastern Chord). EDB’s investment in this project is planned to approximate RUB 150 billion. It is scheduled for 2017-2047.
The documents were signed in the sidelines of the St. Petersburg International Economic Forum on 1 June 2017.
“Infrastructure development in St. Petersburg is an important component of Eurasian integration,” Dmitry Pankin notes. “The development of its transport and logistics infrastructure is of special relevance because St. Petersburg is one of the largest hubs of the trans-continental Europe—Western China corridor that handles freight traffic transited between China and the European Union as well as imports and exports by the EAEU member countries.”
"Our successful experience in fulfilling major transport infrastructure projects will help us to build a high-quality road in a short period of time. We are very pleased that such serious bank is ready to take part in it. The agreement we sign today will help to promote this project, taking into account the amount of funds your institution is ready to invest," the governor said.
Additional Information:
Eurasian Development Bank (EDB) 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 totals US $7 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.
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