Moscow, October 28, 2020 — Gazprombank will take part in the financing of a public-private partnership project involving the design, construction, and technical maintenance of the State Philharmonic Society and the Arctic Center for Epic Literature and the Arts in Yakutsk. The agreement on implementation of the project between the Government of the Sakha Republic (Yakutia) and Seventeenth Concession Company LLC (part of VIS Group) was signed in 2019 at the Eastern Economic Forum.
A large-scale cultural cluster is being created in the capital of the republic within the framework of the state program Development of Culture in the Sakha Republic (Yakutia). Capital expenditures will amount to RUB 9.9 bn, RUB 3.8 bn of which are budgetary funds in the form of a capital grant. The remaining part is extrabudgetary funding at the expense of VIS Group and credits provided by Gazprombank.
Within the framework of the credit agreement concluded on October 28, Gazprombank will provide RUB 500 mln to fund the operations of a special design company. The total volume of the preliminarily-approved credit line exceeds RUB 6 bn for the period until 2030. The Bank is playing the role of creditor, providing comprehensive banking services for the project and acting as a financial adviser.
The design documentation is being developed by TPO Reserve, a Russian architectural firm that once took part in the design of Moscow’s Zaryadye Park. The facility, spanning a total area of roughly 32,000 sq. m, will be constructed in conditions of permafrost. The adjacent territory covering the embankment of Lake Saysary (an area covering more than 12,000 sq. m) will be a new public and recreational space.
“By implementing this project, we are fulfilling the important social function of supporting culture — including preservation of the extensive cultural heritage of the republic’s peoples. A high level of technical equipping, unique technologies and a systematic approach to urban design are enabling the development of Yakutia’s capital as a city that is nice to call home and visit as a tourist. For Gazprombank it is the first public-private-partnership-based project in field of culture. In general, I think that cultural sites boast significant potential for application of the PPP mechanism,” commented Pavel Brusser, Executive Vice President — Head of Gazprombank’s Infrastructure Projects and Public-Private Partnership Department.
“This is not the first public-private partnership project in Yakutia for our holding; we have successfully put 12 facilities into operation in the field of education and culture. The project for the Arctic Center is unique for the Far North. The most cutting-edge technologies will be applied here to create a second-to-none facility,” said Sergey Romashov, a Member of the Board of Directors at VIS Group.