OREANDA-NEWS. As part of the "Transport Week" Vnesheconombank and Two Capitals Highway LLC signed a Memorandum on cooperation and interaction in implementing the project on the construction and operation of a toll highway "The High-SpeedMotorway Moscow - Saint Petersburg at sections km 543 -km 646 and km 646 - km 684".

On behalf of Vnesheconombank the document was signed by Deputy Chairman - Member of the Board Sergei Lykov and on behalf of Two Capitals Highway LLC - by first deputy president - board chairman of VTB Bank VasilyTitov (by proxy).

Under the Memorandum VEB intends to explore the possibility of participating in funding the project through extending credit facilities to Two Capitals Highway LLC. Removal of economic growth restrictions including development of transport infrastructure is one of the Bank for Development's top-priority lines of activity. VTB Bank is also planning to participate in funding the construction of the motorway.

The project worth 88.6 billion rubles is being implemented on the principle of public private partnership. In order to coordinate the work on the project's implementation, the parties have agreed to set up a working group.

Two Capitals Highway LLC - a consortium formed by VTB Bank and VINCI Concessions S.A.S., represented by State Company Russian Automobile Roads signed a concession agreement with the Russian Federation represented by State Company Russian Automobile Roads on funding, construction and operation on a paid basis of "The High-Speed Motorway Moscow - Saint Petersburg at sections km 543 -km 646 and km 646 - km 684". Under the concession agreement, the consortium undertakes to build sections of the motorway, operate and maintain them, collect road toll at the sections that are to be leased out to the company.

The High-Speed Motorway Moscow - Saint Petersburg - M11 will run from the Moscow Automobile Ring Road to the automobile ring road around Saint Petersburg and it will run parallel to the existing M10 (Russia) - an alternative free of charge motorway. At present, they have completed the construction of the km 258-km 334 section bypassing VyshnyVolochek. The section was opened to traffic on November 28, 2014. The current project is to become the second section of M11and it will be implemented on the terms of concession. Construction of the first section (km 15 - km) in the Khimki and Solnechnogorsk districts of the Moscow region bypassing Khimkiis being carried out on the basis of the concession agreement signed with North-West Concession Company LLC in 2009, the construction is scheduled to be completed in 2014. Construction of a new high-speed highway Moscow - Saint Petersburg is scheduled to be completed until 2018.