Sovcombank announced the financing of the construction of Russia's first high-speed highway

Sovcombank has completed the stage of financial closing of a large infrastructure project - the construction of a high-speed railroad between Moscow and St. Petersburg, the bank's press service reported.

The Bank took part in the syndicate of lenders financing the project, which also included, among others, Sberbank and VTB. In addition to the creation of the highway, the project provides for the development and production of modern rolling stock capable of reaching speeds of up to 400 km/h. GTLC Group is the customer for the trains, which will be leased out in the future.

The project is being implemented on a concession basis, with the Russian Federation acting as the concessor through the Federal Railway Transportation Agency. The total cost of the project exceeds 2 trillion rubles, with more than half of this amount being provided by a syndicate of lenders including Sovcombank.

"This is a very important and useful infrastructure project for our country. Our bank is pleased to take part in its financing," said Mikhail Avtukhov, Deputy Chairman of the Management Board and Head of Sovcombank's corporate and investment business.

"GTLC has been entrusted with the role of customer for 41 serial trains. The company has experience in modeling complex infrastructure and innovation projects. Taking into account that the rolling stock is financed by credit resources of leading Russian banks, it is important to properly build and comply with all economic covenants of the project. Today's agreement is an important step in the realization of the project to create the first high-speed railway in the country," commented Evgeny Dietrich, Head of GTLC.

The new highway will reduce the travel time between Moscow and St. Petersburg to 2 hours and 15 minutes, increasing convenience and mobility for passengers. The project will also create thousands of new jobs and stimulate the development of high-tech industries.