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MarketScreener Homepage  >  Equities  >  Moscow Micex - RTS  >  Sberbank of Russia    SBER   RU0009029540

SBERBANK OF RUSSIA

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Sberbank of Russia : to finance bridge construction as part of Kaliningrad Region and VIS Group concession

10/22/2020 | 10:55am EST

Sberbank PJSC and VIS Group company Tenth Concession Company (OOO Desyataya Kontsessionnaya Kompaniya) have signed a lending agreement to finance a concession in Kaliningrad. The document was signed by Alexander Vedyakhin, First Deputy Chairman of the Executive Board of Sberbank; Anton Alikhanov, Governor of Kaliningrad Region; and Igor Snegurov, Chairman of the Board, VIS Group.

The project's total budget at the investment stage is estimated at RUB44 bln, with the final construction cost to be determined after the state examination of the design documentation. The bank's credit line ceiling exceeds RUB13 bln with the loan term of over 10 years. The investor is scheduled to take the first batch of the borrowed funds in October 2020.

The construction of a bridge across the Kaliningrad Bay is outlined in the master plan for the development of the regional capital until 2035. Attempts to implement the project had been made earlier, but the project became a viable one only with the involvement of a private investor. The government of Kaliningrad Region and VIS Group signed the agreement to build the bridge over the Kaliningrad Bay in June 2019, and the Group is currently designing the object.

The would-be cable-stayed bridge will be 2,637 meters long, and the total length of the transport infrastructure, taking into account the approaches, will be 8,103 meters. The bridge will have four lanes, an estimated traffic speed of 120 km/h, and a throughput of over 10,500 vehicles a day. The construction is scheduled to be completed by the end of 2024, and after that, according to the terms of the agreement, VIS Group will maintain the bridge until 2047.

Alexander Vedyakhin, First Deputy Chairman of the Executive Board, Sberbank:

'The bridge being created is a called-for project. It will ensure the efficient use of the region's roads, which includes access to the trans-European corridors, and will improve the environmental situation in Kaliningrad since it will let stakeholders deliver goods between the coastal areas of the region and the border with Poland without having to travel through the city. We would like to thank VIS Group and Kaliningrad Region for choosing our bank as the financial partner of the project.'

Anton Alikhanov, Governor of Kaliningrad Region:

'The bridge will expand and strengthen the infrastructure of our region, open up new business and economic opportunities, make road logistics comfortable and fast in one of the most populated and popular tourist areas in Kaliningrad Region.'

Igor Snegurov, Chairman of the Board, VIS Group:

'Kaliningrad is a promising center of economic growth in the west of Russia, therefore, the removal of infrastructure hurdles related to transport access is a strategic development task for the region. Our project is focused on the implementation of the Spatial Development Strategy of the Russian Federation through 2025 and the improvement of road communications with neighboring states. The new bridge will reduce the average travel time by 30% and transport costs for cargo transportation by more than 50%. One of the largest Russian banks taking part in the project as a financial partner is an important event for both the investor and the region.'

Sberbank is actively engaged in supporting and implementing road-transport investment projects and 3P projects choosing individual finance terms for its customers.

Disclaimer

Sberbank of Russia published this content on 22 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2020 14:54:02 UTC


© Publicnow 2020
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