By Steve Skinner30 November 2009
Vinci Concessions has signed a memorandum of understanding (MoU) with the European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD) and Vnesheconombank (Russian Development Bank) regarding financing for a critical section of the Moscow to St Petersburg motorway in Russia.
In the presence of French prime minister, Francois Fillon and Russian prime minister, Vladimir Putin, signatories took a significant step towards realising a 43 km section of motorway between central Moscow and Sheremetyevo airport with a construction value of € 1 billion.
The concession contract for the design, financing, construction and operation of the motorway section was signed by Vinci in July 2009. The MoU confirms the European banks' support for the project and means construction through Vinci subsidiary North-West Concession Co and its Russian partners could start as soon as spring 2010.The concession contract is for 30 years with an optional five year extension and construction is anticipated to take 36 months. Once completed, the tolled motorway should alleviate congestion on the existing M10 link between the airport and city centre.