The new water-purifying complex which is nearing completion in the southwestern part of the city has been named the best communal project in Europe for 2003, according to Saint Petersburg Vodokanal General Director Felix Karmazinov who made his remarks at a meeting in Smolny.

He said that the project's combination of state and private sector financing scheme was recommended by experts. 'We are proud of the fact that our project received such a high honor,' said Saint Petersburg Governor Valentina Matvienko who also attended the meeting. Once the complex begins operating, it will solve many ecological problems. Moreover, it was become a great impetus for further development of the surrounding area, which will soon become the largest construction site in the city,' said Matvienko.

The price tag on the project is estimated at USD 216 million. USD 145 million of the total has been borrowed from foreign banks, USD 62.5 million has come from EU grants and Saint Petersburg Vodokanal picked up the remainder.

News source: www.rosbaltnews.com
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