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18 August 2011

Avtodor and EBRD ink memorandum of understanding

Today, on August 18, 2011 the State Company Avtodor and the European Bank for Reconstruction and Development (EBRD) inked a memorandum of understanding on cooperation in strategic initiatives for the Russian road industry. Avtodor acting CEO Sergei Kelbakh and EBRD Managing Director for Infrastructure Thomas Maier signed the memorandum.  The parties will cooperate in designing and implementing priority investment projects of the Avtodor State Company operated on the basis of public-private partnership. Another key provision of the memorandum is the possibility of technical assistance to Avtodor State Company in the development of social and environmental management in compliance with international requirements.  The system, inter alia, will include the design of environmental and social policy and activity standards of Avtodor State Company, as well as corresponding procedures that comply both with Russian legislation and requirements of international financial institutions and promote further development of Avtodor State Company and its access to international capital markets for the implementation of major investment projects stipulated  by the long-term program of activities of Avtodor State Company. To develop the national transport system Russia plans to invest into the road industry 1376.4 billion rubles by 2019 and 367.7 billion rubles of them will be private investments. The parties plan to develop cooperation on the basis of mutual trust and use accumulated investment experience.