Northern Capital Highway, a consortium comprising Gazprombank and VTB, has signed a roughly RUB60 billion ($1.81 billion) financing for the construction of the central section of the Western High Speed Diameter (WHSD) toll road project. The project is an important milestone for Russian PPP, if only because of its status as the largest ever financing for a toll road project.
Five lenders – Gazprombank, VTB Capital, the State Corporation Bank for Development and Foreign Affairs (Vnesheconombank), the European Bank for Reconstruction and Development (EBRD) and the Eurasian Development Bank signed a single facility agreement to provide about r60 billion debt. The tenor on the debt is 12 years.
The project has all-in costs of about RUB120 billion. The remaining RUB60 billion in projects costs is being met by roughly RUB50 billion in grants from the Russian Federation and the city of St. Petersburg...
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