The EDB plans to finance, with a consortium of banks, the Vitebsky Prospekt interchange of the Western High-Speed Diameter in St. Petersburg
St. Petersburg, 3 June 2021. At the St. Petersburg International Economic Forum, the Eurasian Development Bank (EDB), VTB Bank, and Gazprombank have set conditions precedent for extending up to RUB 10 billion to construct the Western High-Speed Diameter (WHSD)–Vitebsky Prospekt interchange in St. Petersburg.
The document was signed by Nikolai Podguzov, Chairman of the EDB Management Board, Andrey Kostin, President and Chairman of the Management Board of VTB Bank, and Alexey Belous, Deputy Chairman of the Management Board of Gazprombank, in the presence of Alexander Beglov, Governor of St. Petersburg.
The project will construct a new 2.6 km six-lane road from the WHSD to Vitebsky Prospekt. The interchange will also connect the WHSD with the future Latitudinal High-Speed Highway.
The project value totals RUB 27 billion. The consortium will provide RUB 10 billion to Northern Capital Highway LLC operating the WHSD. The remaining RUB 17 billion will be extended from the federal and city budgets.
The EDB has been involved in financing the multi-lane Western High-Speed Diameter road in St. Petersburg since 2012. The Bank has already provided RUB 16 billion for the project. At one of the stages, the EDB replaced the European Bank for Reconstruction and Development (EBRD), which had provided financing for a total of EUR 200 million.
“Each bank’s share in the consortium will be determined soon. The EDB has extensive experience in financing cutting-edge high-speed roads. Today, we are involved in the construction of several stages of the Central Ring Road around Moscow, as well as the Big Almaty Ring Road in Kazakhstan. Expanding our involvement with the WHSD in cooperation with VTB and Gazprombank is a very important milestone for the EDB in developing state-of-the-art urban infrastructure in St. Petersburg,” said Nikolai Podguzov, Chairman of the EDB Management Board.
“VTB Bank has considerable experience in implementing major investment projects in St. Petersburg, including with the participation of the respected Gazprombank and EDB, that finance development in Russia to improve living standards. I am confident that the new interchange of the unique WHSD highway will be another important and successful development project for the northern capital,” commented Andrey Kostin, Chairman of the Management Board of VTB Bank.
“Gazprombank has been financing innovative transport infrastructure built as part of PPP initiatives for years. We provided loans for the construction of several stages of the Central Ring Road, the Khabarovsk Bypass, and other significant construction projects. The WHSD was once a first and special project for us. This beautiful and convenient highway has greatly relieved the city’s historic centre and has become its landmark. Our continued cooperation with VTB and the EDB is an important step in developing cutting-edge infrastructure in St. Petersburg,” said Alexey Belous, Deputy Chairman of Gazprombank’s Management Board.
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)