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Business news, 22.05.2003 15:10

EBRD allots USD 100 million for St. Petersburg ring road construction

St. Petersburg ring road construction Russia and the European Bank for Reconstruction and Development (EBRD) signed an agreement protocol for the second transport credit of USD 290 million on May 13. The first credit of USD 229 million was issued in 2002, said Director of the State Road Construction Service Igor Slyunyaev at a press conference on Tuesday. Of these funds, USD 190 million will be allotted to the building of the Chita-Khabarovsk or 'Amur' route and USD 100 million on the St. Petersburg ring road. Presumably, a credit agreement on the second transport loan will be signed in fall, said Slyunyaev.

The State Road Construction Service has already stopped receiving qualified bids from companies for the right to build the St. Petersburg ring road with the second EBRD credit. 25 companies competed in the bidding. This round of the tender for the right to build the St. Petersburg ring road should be concluded by July, and the winner will be announced no earlier than October 2003.

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