OREANDA-NEWS The approximate deadline for the completion of the construction of a high-speed highway between Moscow and St. Petersburg is 2028, Deputy Head of the Ministry of Transport Valentin Ivanov told reporters and reminded that construction is already underway, railway exits of the HSR sections from Moscow are being created.

Speaking about the cost of construction, Ivanov confirmed the previously announced figure of 1.7 trillion rubles.

He added that it is planned to update the cost in the near future, a working group will be formed to discuss the financial and economic justification of the project. "Now the key rate has changed, it will seriously affect the financial model," the deputy minister explained.

According to Ivanov, Sberbank is ready to participate in the financing of the project. "They understand that this object pays off. They are ready to invest in this project," Ivanov said.

Deputy Chairman of the Board of Sberbank Anatoly Popov later confirmed that the credit institution is ready to participate in the financing of this project in the syndicate of the largest banks. "For Russia with its huge distances, such a project is extremely important. The Moscow- Saint Petersburg HSR is the beginning of the development of a network of such highways. The implementation of the project will reduce the travel time between the two capitals to 2 hours and 15 minutes, and by 2030 the total number of passengers on the highway will be about 22.6 million people a year," he told reporters.

Gazprombank also plans to participate in the financing of the project. "Of course, this project is in the focus of our attention, representing serious interest for Gazprombank as a system-forming institution. We will be ready to take part in such an ambitious and important initiative for the country," Pavel Brousser, First Vice President of Gazprombank, told reporters.

The Deputy Head of the Ministry of Transport added that the working group being created will soon analyze the issues of financing the project, including in terms of state support and raising funds from the NWF.