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-VEB to lend USD776m for WHSD highway stretch.

M2 EQUITYBITES-December 30, 2011--VEB to lend USD776m for WHSD highway stretch(C)2011 M2 COMMUNICATIONS

30 December 2011 - The supervisory board of Vnesheconombank (VEB) has given the thumbs up to a RUB25bn (USD776m/EUR600m) loan for the construction of the Western High-Speed Diameter (WHSD) highway's central stretch, RIA Novosti cited the Russian bank's chief executive, Vladimir Dmitriyev, as saying on Thursday.

The bank will allocate the loan for 12 years, with an option for an extension of up to 20 years.

On 23 December, VEB, VTB Capital, the European Bank for Reconstruction and Development (EBRD), Eurasian Development Bank (EDB) and Gazprombank signed a memorandum on the main conditions and principles of a loan to the consortium Mainline of the Northern Capital, which will build and operate the highway's central stretch.

At the time, Dmitriyev said the EBRD was expected to invest up to RUB8bn in the project and the EDB was expected to lend up to RUB3bn.

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Publication:M2 EquityBites (EQB)
Date:Dec 30, 2011
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