Financing for third section of Moscow ring road project secured
A loan worth around $642 million will be provided by three banks, the Sberbank, Gazprombank and Eurasian Development Bank (EDB), WorldHighways reports.
This section of the ring road lies to the north of the city and measures 105.3km long. The loan for the PPP toll road will be for a 16-year period with the building work being carried out by the Road Construction Corporation.
The ring road forms an important link in the chain for the road connection between China and Europe. Allowing vehicle traffic to flow around Moscow rather than entering the city will be of enormous benefit in helping improve journey times overall.
As it stands, Moscow suffers from amongst the heaviest congestion of any city in the world.
The additional traffic from the Europe-China road link will boost vehicle movements in the region around Moscow, so the ring road is essential to averting gridlock. ■