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Business news, 07.08.2001 11:03

EBRD will help Saint-Petersburg.

The European Bank for Reconstruction and Development (EBRD) has reached and agreement with the Russian Transport Ministry to finance an upgrade for St. Petersburg's port and for the construction of new port facilities in Ust-Luga, about 150 kilometers to the west of the city on the southern cost of Gulf of Finland.

St. Petersburg will get money for improving the infrastructure of the port, including deepening the bottom and broadening and reinforcing the walls of its channels, bolstering its ability to handle ocean-going traffic. Also St. Petersburg, Ust-Luga, and Kaliningrad will establish ferry service linking with the German city of Mukran. The cost of the project is about 200 million rubles (about $6.8 million). The investment in the project would take about 15 years to recoup.

(c) 2000