OREANDA-NEWS. Sberbank CIB has organised the provision of bank guarantees1 worth RUB 15 bln for the liabilities of JSC CROCUS as part of the project to build the first section of the Moscow Region Central Ring Road (CRR). The bank guarantees provided by Sberbank will allow CROCUS to begin constructing the first section of the CRR this year. In addition to the construction of the first section of the road and the accompanying infrastructure, JSC CROCUS will service this section of the road for 18.5 years.

Commenting on the deal, Aras Agalarov, President of JSC CROCUS, said: "The history of our mutually beneficial and productive partnership with Sberbank stretches back 15 years. All that time the Bank has been a reliable financial partner to the company. This deal is the natural continuation of the close cooperation between Crocus Group, which consists of more than 40 companies, and Sberbank and will enable our company to take its construction operations to the next level."

Alexander Bazarov, Member of the Executive Board, Senior Vice President of Sberbank, Co-head of Sberbank CIB commented: "Construction of the CRR is the largest toll-road infrastructure construction project in Russia in the 2014-2018 period. It is a big honour for us to participate in the implementation of such a significant project together with JSC CROCUS. JSC CROCUS is a long-standing partner whom Sberbank CIB has provided a complete range of investment banking products and services. This deal reaffirms the high level of trust that has built up between JSC CROCUS and Sberbank."

JSC CROCUS is currently carrying out a number of major infrastructure projects, including the construction of stadiums for the 2018 FIFA World Cup in Kaliningrad and Rostov-on-Don. The latter is being built using bank guarantees provided by Sberbank. Construction is far ahead of schedule. In 2015 JSC CROCUS's work on the stadium was commended by FIFA's chief commissioner for preparation for the World Cup.