Two Russian investors have signed a deal to fund a 2.6km bridge in the Russian enclave of Kaliningrad.
VIS Group
An artists' representation of the completed Kaliningrad Bridge.
The deal brings together the public and private sectors as state-owned Sberbank - the largest bank in Russia - and private investment firm and construction company VIS Group agree to foot the roughly €473 million bill.
A final construction cost will be set once the regional government examine VIS Group's design.
The enclave, located between Lithuania and Poland, is situated at the mouth of the Pregolya river as it discharges into the Baltic Sea.
The cable bridge is set to cross the Kaliningrad bay, coming to a total length of 2,637 metres.
The bridge is part of a gentrification process planned to take place in the city over the next 15 years. It will contain four lanes and is set to handle more than 10,000 vehicles per day.
Construction is planned to finish in 2024, with VIS Group being responsible for operation until at least 2047.
Alexander Vedyakhin, first deputy chairman Sberbank said in a statement: “The bridge is an essential project. It will ensure the efficient use of the region’s roads, including access to the trans-European corridors, and will improve the environmental situation in Kaliningrad since it will let stakeholders deliver goods without having to travel through the city.”
Local officials hope the bridge will open up new opportunities to drive the growth in the region.
Anton Alikhanov, Governor of Kaliningrad Region said: “The bridge will expand and strengthen the infrastructure of our region, open up new business and economic opportunities, make road logistics comfortable and fast in one of the most populated and popular tourist areas in Kaliningrad Region.”
Igor Snegurov, Chairman of the Board, VIS Group admitted Kaliningrad is a promising centre of economic growth for Russia, therefore removing transport and access hurdles remains a priority.
"Our project is focused on the implementation of the Spatial Development Strategy of the Russian Federation through 2025 and the improvement of road communications with neighbouring states.
"The new bridge will reduce the average travel time by 30% and transport costs for cargo transportation by more than 50%. One of the largest Russian banks taking part in the project as a financial partner is an important event for both the investor and the region.”
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