UBRD Supports Infrastructure Project in the Far East

UrBC, Yekaterinburg, December 28, 2018. The Ural Bank for Reconstruction & Development (UBRD) will provide the financial guarantees for the state-run infrastructure-building project in the Far East. The bank’s Saint Petersburg subsidiary issued AO EKS Group a bank guarantee (RUB 365m) valid through October 29, 2020. Far East Development Corporation acts as the deal’s beneficiary, the UBRD’s press service reports.

The bank guarantee is meant to finance the construction of the first portion of highways and storm-water sewers at Rakitnoye, a site within Khabarovsk Priority Development Area in the Far East.

‘This is a project of great social importance: more than 1,500 new jobs have already been created. New railway and highway links and other crucial infrastructure facilities in the area will help develop the Far East’s economy. Rakitnoye is growing increasingly more attractive to private investors. It’s nice to know that the UBRD has contributed to this project financially,’ says UBRD Saint Petersburg subsidiary’s Director Alexander Kazansky.

‘We’ve been entrusted with one of the key tasks: putting up the engineering and transportation infrastructure in the area; good quality roads and storm-water sewers are among the key factors in an area’s development and a necessary proviso for the successful implementation of investors’ projects. Storm-water sewers and filtering facilities will allow Rakitnoye to operate without doing damage to the environment,’ says EKS Group’s Director-General Alexei Vlasov.

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