The Bank’s funding will assist Oslo Marine to finance the modernisation and upgrading of both superstructure and infrastructure at Vyborg Port, a multi-purpose facility situated in the Gulf of Vyborg, about 113 km from St. Petersburg. The work will include replacing the port equipment; repair of road and internal rails; upgrading and expansion of berths; expansion of container storage and warehouses; and improved administration, customs clearance and security offices.
The total cost of the development is estimated at €233 million. The project will modernise the Port, increase its cargo throughput capacity and improve its operational efficiency, bringing this up to international standards. It will also help to ease congestion of port and transport infrastructure in northwest Russia, facilitating international trade from this region.
In addition, the project will promote increased efficiency and competition, particularly in the container and ro-ro sectors, and will help to raise the Port’s environment and safety standards to international levels.