China to grant 20-year $5.9 bln loan for Moscow-Kazan railroad project

China will grant a 20-year loan worth 400 bln rubles ($5.9 bln) for the Moscow-Kazan high-speed railroad project, First Vice-President of Russian Railways state-owned monopoly Alexander Misharin said Friday.

China will grant a 20-year loan worth 400 bln rubles ($5.9 bln) for the Moscow-Kazan high-speed railroad project, First Vice-President of Russian Railways state-owned monopoly Alexander Misharin said Friday.

"52 bln rubles [aimed for the section] through Nizhny Novgorod will be allocated to the equity capital [of the project company - TASS] and 250 bln rubles will be granted as a 20-year loan while the second section implies $1 bln [(to be allocated] to the equity capital and a 20-year loan worth 150 bln rubles," he said.

According to the official, China also plans to set up a few joint ventures in Russia for construction of the high-speed railroad.

"Currently a joint venture is being formed either with the Novosibirsk or Murmansk plants on switch production. The share of construction companies is being discussed," he said, adding that their "expertise is required."

First published by TASS.

All rights reserved by Rossiyskaya Gazeta.

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