Finance change on Orlovski Tunnel

A change in financing arrangements has been announced by the local authorities in Russian city St Petersburg for the Orlovski Tunnel project. This move is being made due to changes in terms and costs for the project, which is for the construction of a new road tunnel under the city that is intended to alleviate congestion.
July 9, 2012 Read time: 1 min
A change in financing arrangements has been announced by the local authorities in Russian city St Petersburg for the Orlovski Tunnel project.

This move is being made due to changes in terms and costs for the project, which is for the construction of a new road tunnel under the city that is intended to alleviate congestion.

The terms of subsidies from the investment fund are postponed from 2009-2013 to 2011-2015. The cost of the project has increased from €584.6 million to €1 billion.

The authorities in St Petersburg, Russia are pushing ahead with construction of the second stage of the Western High-Speed Diameter (WHSD) highway. Some €472.75 million worth of financing is being supplied by the Federal Investment Fund in all and the work is due to start this year and be completed in 2014.

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