Igor Finogenov: Housing development triggers growth in a dozen other sectors
St. Petersburg, 23 May 2014. The economic advantages of housing development include its multiplicative effect on a dozen other sectors. Igor Finogenov, Chairman of the Management Board at Eurasian Development Bank (EDB), stated this today at the business breakfast Investing in Russia’s Urban Development Future hosted by the St. Petersburg International Economic Forum.
According to him, land should be developed comprehensively, which means effective housing and utilities, roads, suburban trains, education, healthcare, and sports. Igor Finogenov believes that this is an investment in human capital. He also pointed out that it is impossible to comprehensively develop areas without investment and development institutions can play an important part in solving this task.
Igor Finogenov stated that housing development would have as an objective the creation of social, housing and transport infrastructure, which would bring the market in municipal bonds to a cardinally new level. The head of EDB also believes that public-private partnership is an effective format for large projects.
Speaking about EDB’s experience in these areas, Igor Finogenov reminded that the Bank took part in the financing of the Western High-Speed Diameter toll road in St. Petersburg, and the new terminal at Pulkovo Airport. The Bank is also working in the area of municipal infrastructure and finances the upgrade of some thermal stations, he pointed out.
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.