OREANDA-NEWS. December 10, 2014. Sberbank of Russia and Tsentravtomagistral Federal Government Agency entered into a state contract to provide banking support for the construction of the M-5 Ural motorway, which will stretch from Moscow to Chelyabinsk, passing through Ryazan, Penza, Samara and Ufa.

The contract was signed on the basis of Directive No. 1343-r issued by the Government of the Russian Federation on 30.07.2014. The Directive lists Sberbank as the sole executor of banking support services, public process and price auditing, and analysis of the possibility of attracting private investment for several investment projects with state participation.

Besides public process and price auditing, the contract seeks to control general contractors’ and other construction participants’ use of funds, which are allocated for preconstruction preparations and construction.

The M-5 Ural motorway construction project involves building a 10-kilometre eight-lane highway in the Luberetsky and Ramensky Districts in the Moscow Region and a bridge across the Moskva River. The new road will have a speed limit of 120 km/h and no traffic lights. The construction will cost RUB 28 bln and the road will be opened in 2018.

“Banking support will ensure that government investments are properly spent and that this innovative road construction project will be completed on time,” said Bella Zlatkis, Deputy Chairman of the Executive Board of Sberbank of Russia. “This bank support project is part of the cluster of road construction projects carried out by Sberbank, which includes the 1st starting complex of the Central Ring Road and the construction of an overpass on the A-103 road.”