VTB Group supports the commencement of construction of a large-scale interchange for the Western High-speed Diameter with Vitebsky Prospekt in St. Petersburg
In St. Petersburg, construction has started for a transport interchange connecting the Western High-Speed Diameter with Vitebsky Prospekt, with a special installation being drilled into the ground for the first piling. Four of these pilings, submerged to a depth of about 40 meters, will form the foundation base of the first support for the exit of the future interchange.
The project was launched by Igor Levitin, Assistant to the President of Russia, Alexander Beglov, Governor of St. Petersburg, Alexander Drozdenko, Governor of the Leningrad Region, and Andrey Kostin, President and Chairman of VTB Bank Management Board.
The St Petersburg City Government and Northern Capital Highway, which is part of VTB Infrastructure Holding, signed an agreement on building the overpass connecting the WHSD and Vitebsky Prospekt on 18 November 2020 during the Transport Week in Moscow.
The contract between the government of St. Petersburg and LLC "Northern Capital Highway”, part of VTB Infrastructure Holding, for the construction of the interchange was signed on November 18, 2020 during the "Transport Week" forum in Moscow.
The cost of construction is estimated at 27 billion rubles (USD $353m), of which about 10 billion (USD$131m) will be financed by private investment. The estimated construction period will be four years, and the operation will be carried out by LLC "Northern Capital Highway " until 2042 under the public–private partnership arrangement.
Andrey Kostin, President and Chairman of VTB Bank Management Board:
"VTB Group is a long-standing partner of St. Petersburg in the implementation of large-scale infrastructure projects, and it is very important for us to continue this cooperation. By developing joint projects, we can use our many years of investment experience to create modern infrastructure. Since 2012, we have been successfully implementing the Western High-speed Diameter project, and we see a high daily demand from drivers to use the new road. The road is needed by the people and by the city, and this is the main incentive for us to continue the project, including construction of the the Vitebsky Prospekt interchange. I am sure that the new road will be in demand by St. Petersburg residents and will improve the quality of life in the city, contributing to further development of the city in economic, social, and environmental terms."