Sberbank may put 7 bln rubles into financing Titanium Valley special economic zone
YEKATERINBURG. Nov 15 (Interfax) - Sberbank of Russia will be financing part of the construction of a special economic zone in Sverdlovsk Region called 'Titanium Valley' (Titanovaya Dolina) with as much as 7 billion rubles, management board chairman at the bank's Urals Bank Vladimir Cherkashin told the press on Thursday.
"This will be financing by Sberbank generally. An proposal is being put together now. It will be considered and some kind of project decision made. At this point, there is a strategic conceptual decision. I can say that there is preliminary agreement on financing of seven billion rubles. This is easy-lifting for us," Cherkashin said.
Sberbank and managing company OJSC Special Economic Zone Titanium Valley (Osobaya Ekonomicheskaya Zona Titanovaya Dolina) have struck a cooperation agreement.
This agreement was signed in the context of Sberbank program New Industrialization (Novaya Industrializatsia), which is aimed a developing a complex of instruments for the industrial-innovative development of corporate clients. The agreement lays out the main avenues and forms of cooperation between bank and zone, including the joint development of a scheme for financing the projects of the managing company and the zone's residents, and building rental housing for resident company employees.
The construction of the first phase of the zone began May 14 this year. The building of the second phase is planned for next year. By 2017, the plan is to open the doors of seventeen enterprises, while the construction of another twenty is underway at the same time.
The overall cost of the zone project is estimated at 29 billion rubles. Plans call for 16 billion rubles to be allocated by budgets of various levels until 2016, inclusive.
The Titanium Valley project is to focus in the city of Verkhnyaya Salda enterprises that work titanium for aircraft-building, cosmonautics, ship-building, and the automotive industry.