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VTB to Finance Moscow-St.Pete Road
15.12.2014 11:24
VTB to Finance Moscow-St.Pete Road
Photo Credit: http://omoskva.ru

VTB has inked a deal to finance a vital transport link between Moscow and St. Petersburg.

      According to a press release, Two Capitals Highway, a VTB Capital subsidiary, and Vnesheconombank (VEB) have signed a cooperation agreement to finance, build and operate two sections of the M-11 Moscow-St Petersburg toll motorway.

      The agreement applies to two stretches, 543 km-646 km and 646 km-684 km.

      “The memorandum outlines VEB’s intention to participate in financing the project alongside VTB on the agreed terms of the concession agreement for the 140-km section of the M-11 previously signed between State Company Russian Highways (Avtodor) and Two Capitals Highway,” reads the press release.

      “VTB Bank is financing the project, in which it is also a shareholder, while VTB Capital is acting as financial consultant,” the statement goes on to say.

      Capital investment in the project will total about RUB 76.8 billion and will be financed through a state grant of RUB 57.6 billion, as well as external financing and funds provided by the shareholders. Construction is slated to begin in early 2015 and is scheduled for completion in 2018.


      

“Infrastructure investments are a strategic business area for VTB Capital. We continue to actively expand this business and remain a leader in implementing private-public partnership infrastructure projects in Russia. We have successfully completed a number of large-scale projects, and I am certain that the extensive experience of our team will help us implement this project at the highest level,” Vasily Titov, First Deputy President and Chairman of VTB Bank’s Management Board

      The Moscow-St Petersburg motorway is a federal investment project to develop Russia’s transport infrastructure. The modern high-speed link is planned as a major thoroughfare connecting the two largest cities in Russia.




Author: Mikhail Vesely

Tags: VTB Group VTB    

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