The EDB and Avtodor to work on financing the M12 Moscow–Nizhny Novgorod–Kazan road, which is part of the Europe–Western China transport corridor

03 June 2021

St. Petersburg, 3 June 2021. Nikolai Podguzov, Chairman of the Management Board of the Eurasian Development Bank (EDB), and Vyacheslav Petushenko, Chairman of the Board of Russian Highways (Avtodor), agreed to consider the possibility of the Bank financing the construction of the M12 Moscow–Nizhny Novgorod–Kazan road as part of the Europe–Western China transport corridor. The protocol to the Memorandum of Understanding was signed on the sidelines of the St. Petersburg International Economic Forum.

The project will construct an 800 km high-speed motorway to link major regional centres and agglomerations in the Moscow, Vladimir, and Nizhny Novgorod Regions, Chuvashia, and Tatarstan with the high-speed road network in the European part of Russia (M11 Neva, the Central Ring Road, M3 Ukraine, M1 Belarus, and M4 Don).

“We appreciate our cooperation with Avtodor and look forward to continuing it further. Our Bank is consistently implementing the Europe–Western China transport corridor project. The EDB is involved in building the Central Ring Road in the Moscow Region and the Western High-Speed Diameter in St. Petersburg. In Kazakhstan, the Bank is financing the Big Almaty Ring Road and has ensured the launch of the Nur Zholy automobile checkpoint, which is actually the gateway for the entire corridor to China,” said Nikolai Podguzov.

“The M12 motorway is the biggest project in the road sector and will give a major boost to the economy. The motorway will halve the travel time between Moscow and Kazan, to around six hours instead of twelve. We hope that our fruitful cooperation with the EDB under the Central Ring Road project will extend to other projects,” said Vyacheslav Petushenko.

 

Additional Information:

The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The EDB's charter capital totals US $7 billion. The Bank was established in January 2006 and is headquartered in Almaty. The EDB’s portfolio mainly consists of projects with an integration effect in the areas of transport infrastructure, digitalisation, green energy, agriculture, industry, and machinery.

The EDB Media Centre:

Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)

Sergey Gorbachev +7 (916) 727 22 00 (Moscow)

pressa@eabr.org

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2021