OREANDA-NEWS. January 10, 2013. The Public-Private Partnership Agreement (PPPA) on the construction and operation of the Western High-Speed Diameter road (WHSD Project), the world's largest toll road project became effective and the financial closing of WHSD Project was achieved today at the official ceremony in Moscow. Georgy Poltavchenko, Governor of Saint Petersburg, Alexey Matveev, Gazprombank’s Deputy Chairman of the Management Board, Andrey Kostin, VTB Bank’s President and Chairman of the Management Board, and Igor Lukyanov, CEO of OJSC Western High Speed Diameter attended the ceremony. During the ceremony a number of key project documents were signed, including the financial closing certificate, the amended and restated Grantor Direct Agreement with the lenders of WHSD Project and the direct agreement with the EPC contractor, the Turkish - Italian construction joint venture IC-Astaldi.

Signing of the documents completes a preparatory phase of WHSD Project and acknowledges fulfillment of conditions precedent under the PPPA.

Gazprombank (Open Joint-Stock Company) is one of key co-investors of the consortium Northern Capital Highway, as well as one of the financial advisors and lending banks of the WHSD Project.

WHSD is the Russia's first urban toll road - a 46-kilometer highway, consisting of three sections and connecting St. Petersburg’s northern, central and southern parts. In accordance with the signed agreements total investments in construction of the central part of the toll road exceed 120 billion rubles.

The purpose of WHSD toll road is to relieve the transport congestion problems in the city by redirecting traffic flows. It will redirect haulage trucks from the seaport of St. Petersburg to the federal highways and provide transport links with the downtown and Pulkovo airport. Some of the most advance technologies, traffic management and control systems will be introduced within the project.