Japan Bank Ready to Invest $100 Mln in Russian Vostochny Port Development

Japanese bank is ready to invest some $100 million in the development of Russian Vostochny Port infrastructure, the establishment's managing director announced at he Eastern Economic Forum (EEF).

VLADIVOSTOK (Sputnik) – Japan Bank for International Cooperation (JBIC) is ready to provide around $100 million for the development of Russian Vostochny Port infrastructure, the bank’s senior managing director said at the Eastern Economic Forum (EEF).

"Vostochy, this is almost a done deal. We’re on the verge of providing funds," Tadashi Maeda said on Thursday, speaking at an EEF conference in the Russian city of Vladivostok.

According to the JBIC Senior Managing Director, the sum that the bank is considering is "not so big," most likely a little less than a $100 million.

The new land-and-sea mixed route is 140 miles shorter than the way through Dalian, a Chinese port on the East China Sea, and will shorten deliveries by 2-3 days.

Russia is currently holding the first Eastern Economic Forum (EEF) in the city of Vladivostok. The forum will last until September 5, bringing together representatives of government agencies from Russia and Asia-Pacific countries, major investors, business people and industry experts.

The event marks the first time since the introduction of Western sanctions that Russia has decided to hold a forum in the Far East. EEF will subsequently become an annual event.