Press Releases

IFC Supports First Major Public-Private Partnership Russian Infrastructure Project, Pulkovo Airport

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Zibu Sibanda

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St. Petersburg, Russia, April 28, 2010—IFC, a member of the World Bank Group, is supporting the modernization of Pulkovo Airport to improve its operational efficiency, promote regional economic growth, and support private investments in large-scale infrastructure projects in Russia.

St. Petersburg City recently awarded a 30-year concession to Northern Capital Gateway to run the airport’s existing facilities, build a new terminal, and invest in new infrastructure. Northern Capital Gateway Ltd. Consortium consists of VTB Group, Fraport AG (the owner and operator of Frankfurt airport) and Horizon Air Investments SA. The project’s financial advisor is VTB Capital.

Currently Russia’s fourth busiest airport, Pulkovo is expected to experience a significant increase in traffic when the project is complete, easing access to the economic, financial, and cultural center of the country’s Northwest region.

In support of the Project, IFC is lending €70 million of its own funds and, jointly with the European Bank for Reconstruction and Development (EBRD), is raising a further €190 million through a forthcoming joint syndication to a group of international commercial banks. The total loan financing package of approximately €716 million will be provided by IFC, EBRD, the Eurasian Development Bank, Nordic Investment Bank, Black Sea Trade and Development Bank, and Vneshekonombank, Russia’s state-owned development bank.  

Snezana Stoiljkovic, IFC Director for Central and Eastern Europe, said, “We are very happy to support this groundbreaking initiative, Russia’s first large-scale public-private partnership project, and believe that its success will lead to more partnerships and private investments in infrastructure, which is critical for sustainable economic development of Russia.”

As the first large-scale public-private partnership in the Russian Federation, the project is expected to pave the way for similar initiatives, helping meet the large infrastructure needs in the country’s major urban and frontier regions.

Over the past 15 years, IFC’s investments in Russia have totaled $4.5 billion, including $1.1 billion in syndicated loans, in over 190 projects across a variety of sectors.  IFC’s current investment portfolio in Russia is around $2.2 billion, which makes it the third-largest country for IFC exposure globally.  IFC’s investments support the country’s most important sectors including banking, infrastructure, manufacturing, telecommunications, and health care.

About IFC

IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit