The Eurasian Development Bank (EDB) will allocate $90mln to finance a project on establishment, reconstruction and operation of units within Pulkovo airport. Relevant document was signed today by Acting Managing Director on EDB Project Activity Gennady Zhuzhlev, the press service of EDB reported.

The funds will be allocated to Air Gates of Northern Capital, LLC, consortium, the winner of a tender on the right to sign an agreement on public-private partnership with the government of Saint Petersburg. The agreement is signed for 30 years and foresees reconstruction, development and operation of Pulkovo airport.

Besides EBD, the following banks provided financing to the project: EBRD, International Finance Corporation, Nordic Investment Bank, Black Sea Trade and Development Bank, Vnesheconombank and a range of commercial banks. The total sum of the financing by these banks amounts to 716mln euros.

“This is EDB’s first participation in a project on public-private partnership in Russia. And the bank’s leadership views it as a new technology for the Russian economy’s development,” the report reads.

The project on Pulkovo airport’s reconstruction is among priority fields of financing for EDB. The project is aimed at facilitating the development of integration processes: the airport provides services to regular flights connecting the capitals of all EDB member states.