Deputy Minister Alexander Misharin said the implementation of large projects with private investors would require the involvement of a proactive national bank and cooperation with major foreign and international financial organizations (the European Bank for Reconstruction and Development, the International Finance Corporation, and Deutsche Bank).
"After numerous meetings, discussions, and experts' estimates, we now estimate the volume of credit resources that can be attracted over the long term, 15-20 years, at $10 billion a year. This alone will have a positive impact on economic growth," Misharin told a round table, Transport and Economic Growth, which was held as part of St. Petersburg's ninth economic forum.
He also said international financial institutions were interested in a number of Russian transportation projects, including the development of airports and the construction of a new Moscow-St. Petersburg highway.
Misharin said the federal budget allocation for the Strategy for the Development of Russian Transportation by 2010 would not exceed 1% of the yearly GDP, which would correspond to global standards.
"Therefore, one of the priorities for the Russian Ministry of Transport is to attract private investment," Misharin said. "New economic tools for the development of the transportation system are being created. Partnership between the state and the private sector is the key to implementing highly efficient national projects."
