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Igor Shuvalov Meets with Udmurtia’s Head Alexander Brechalov

A working meeting between Vnesheconombank’s Chairman Igor Shuvalov and Udmurtia’s Head Alexander Brechalov took place today. They discussed promising areas of cooperation.


Alexander Brechalov presented to the head of the Bank the projects in the pipeline. One of them is an improvement programme for Central Square in Izhevsk. The main urban space of Udmurtia’s capital is to be transformed within two years. 85 million roubles will be allocated for initial urban improvement work under the Comfortable Urban Environment programme.

It is intended that further improvement work for Central Square in Izhevsk will be financed from borrowings in 2019. The head of the region expressed the hope that Vnesheconombank would provide financial assistance. The project was designed by Strelka KB, which is a potential partner of Vnesheconombank in the creation of a modern, comfortable urban environment.

The meeting also included a presentation of the improvement project for the northern part of the Izhevsk Pond embankment. The project is estimated at 1.2 billion roubles. If financing is provided, construction and installation will start in the second quarter of next year.

Alexander Brechalov invited Vnesheconombank to partner up with the region to rehabilitate the Izhevsk airport terminal. The head of the region also suggested involving VEB-Leasing in providing lease financing for the renewal of aircraft. Similar cooperation is possible for the project to renew electric transport in Udmurtia’s capital.

The meeting discussed cooperation between Udmurtia Development Corporation and Vnesheconombank Group. In the future, Vnesheconombank can become a single operator of concession projects in the region, provide consulting services and assist in the sale of regional privatised facilities.

“A year ago, on 1 August, Igor Shuvalov visited the presentation of the Investment Opportunity Map of the republic,” Alexander Brechalov said after the meeting. “And today, after Mr Shuvalov took up a new senior post, we examined a whole range of joint tasks. In respect of most projects, we have come to and understanding; in respect of others, we will continue discussion in the coming months. In general, I am very pleased with the outcome of the meeting.”

“Today, city development and the creation of a modern and comfortable infrastructure is a driver of nationwide economic development,” Vnesheconombank’s Chairman Igor Shuvalov said. “As a government-linked development bank, Vnesheconombank will promote this. We will consider all the projects proposed by the leadership of Udmurtia and will also involve our partners from among Vnesheconombank Group’s entities and other development institutions. I am confident of the high potential of our cooperation with Udmurtia.”

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