EBRD president confirms plans to invest in high-speed highway in St. Petersburg
The European Bank for Reconstruction and Development (EBRD) is prepared to invest $250 million in the construction of the Western High Speed Diameter Highway in St. Petersburg, EBRD President Jean Lemierre told journalists on Thursday according to Interfax.He said the bank only recently get involved in the process of building this road, but consultations are underway. The first stage of selecting the builder of the road has been completed, several companies have been chosen and the EBRD is already holding talks with some of them, he said. A final decision on the size of the investment has not been passed yet, but the bank is prepared to finance the project, he said. According to his preliminary calculations, investment could total $250 million. Other financial institutions will likely take part in the project, as well, he said. The EBRD is also interested in other large construction projects in St. Petersburg, such as the reconstruction of Pulkovo Airport, the construction of a European-standard football stadium, the construction of the Orlovsky Tunnel under the Neva River, land transportation in the south of the city and the reconstruction of the New Holland Island. Lemierre said the bank, of course, would not take part in all these projects, but would choose the most promising ones.