BRICS Bank backs Russian road

The New Development Bank (NDB) board of directors has agreed to provide $68m to support a road PPP scheme in Russia.

The bank, which was established by Brazil, Russia, India, China and South Africa to mobilise resources for infrastructure and sustainable development projects in those countries, will provide the loan to the Russian government.

It will help fund the Ufa Eastern Exit Project, which will see a toll road built connecting Ufa city center to the M-5 federal highway.

The four-lane route will run for 14km, including a 1.2km tunnel and 2.6km bridge, with the procurement understood to be progressed under a PPP model.

In March this year, the Central Ringroad 3 PPP project in Moscow reached financial close.