OREANDA-NEWS. July 31, 2009. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Sheremetjevo International Airport (OJSC MASH) entered into a Memorandum on Cooperation in implementing the New Passenger Terminal Construction Project in the International Airport in the City of Vladivostok.

The signing ceremony was held in the city of Khabarovsk in the course of a meeting over the Far East development headed by Russian Prime Minister Vladimir Putin. On behalf of Vnesheconombank the Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of the Sheremetjevo International Airport – by its General Director Mikhail Vasilenko.

The Project aimed at building a passenger terminal with an area of 50 thousand sq. meters and a capacity of 3.5 million passengers per year is one of the key points in the program of preparations for the APC summit in 2012. Under the supervision of MASH, the Vladivostok airport is planned to be transformed into a large regional and international hub that will improve socio-economic conditions, quality of life in this region and make it possible to realize Russia’s transit potential to a greater extent.

Vnesheconombank considered this project on the Russian Transport Ministry’s initiative in order to provide the project with required financing.

The parties believe that Vnesheconombank’s participation will significantly stimulate private investors’ and commercial banks’ interest in the project and will be only an addition to their contribution to the project.

By a preliminary estimate, a total amount of capital investments under the project will be about 173 million US dollars. The Sheremetjevo Airport intends to set up a special engineering company to manage the project.