In previous years with the direct support of the state was running large projects of capacity expansion of the Railways and approaches to sea ports. This work will continue. About the need for the full implementation of the investment programs of the transport complex, even in conditions of a pandemic, recently said Vladimir Putin. In the framework of the already adopted “Comprehensive plan for the modernization and expansion of transport infrastructure” until 2024 it is planned to create international railway transport corridors “North – South” and “East – West”, as well as automobile route Europe – Western China. For the latter you need to build and reconstruct 3.5 thousand kilometers of Federal highways.
it is planned to modernise more than a quarter of existing airports and aerodrome infrastructure, as well as increasing the level of economic connectivity of the country by all modes of transport. The original budget for the project assumed attraction of more than 6 trillion rubles from mixed sources. Now the monetary unit of the government does not rule out a change in funding of some major investment projects, including previously announced.
These prospects are associated with forecasts of the Ministry of Finance, according to which this year’s budget revenues will be about 4 trillion rubles less than planned.
meanwhile, the savings on transport infrastructure can adversely affect the entire production chain and slow down.
the economic recovery. It is appropriate to recall the experience of China, which in the crisis years of 2008-2009 has invested more than 1.5 trillion yuan (about 14 trillion rubles) in the development of transport infrastructure, primarily the construction of HSR that has laid the foundations for subsequent economic growth.
Transport and energy projects will play a major role in the recovery of the Russian economy after the crisis, therefore, the government should keep the volumes of their investment programs, experts warn. So, in a letter to the Institute of problems of natural monopolies to the government, stating that the pandemic COVID-19 only accelerated (and not triggered) global changes in the world economy related to the “tectonic shifts” in the form of a growing rivalry between the US and China, reducing the weight of international organizations and the role of the global technology giants. “In these conditions, as in previous crises, one of the major stabilizing role to play in infrastructure natural monopoly”, – stated in the Memorandum Iput.
the Latter is already considering various scenarios of work in the new economic environment. So, in the Railways on the basis of existing forecasts of development of economy has prepared a stress scenario. “A reduction tothe moves primarily affect the investment program. It has the potential to decrease from 820 to 200 billion rubles. We believe such a change is invalid. Any situation, complex as it is now, is, first of all, the period of additional opportunities, we need to implement new mechanisms and ideas. So I would like to maintain its investment at not less than 620 billion. We are not asking for funds from the Federal budget. The company has a good investment grade ratings, good credibility in the market borrowings. And ready to attract funds through the mechanism of perpetual bonds,” – said the head of Russian Railways Oleg Belozerov. Based on the proposals of the company, the government has already approved the placement of its perpetual bonds amounting to 370 billion rubles. The Finance Ministry will provide compensation for lost revenues to the investors – holders of these bonds in case of acceptance by the railroad of the decision on non-payment of the coupon income on the securities.
Another opportunity to maintain the continuity of the investment cycle suggested the Ministry of transport. The head of Department Eugene Dietrich was asked to make corrections in the passport of the project “BAM – Transsib” and change the schedule of funding at the expense of the national welfare Fund (NWF) – transfer of 30.5 billion from 2021 2020. “It is necessary that the total amount of funding for the NWF this year was 60.5 billion. We have been working on this proposal with the Finance Ministry and were supported”, – he explained.
Few things are more complicated with funding, perhaps, most discussed in Russia transport project – construction of the VSM. According to preliminary estimates, the updated financial model a high-speed highway Moscow – Saint Petersburg provides for the allocation of 750 billion rubles of state support. Overall funding for the project may reach 1.7 trillion with a 35% participation of the state. In addition, RZD plans to invest in highway 192 billion within its investment programme, and another 200 billion will provide the other shareholders of the project. However, this year spending on high-speed highway Moscow – St.-Petersburg practically is not expected because the project is under documentation. But the construction of HSR Moscow – Kazan may be postponed because of the big financial costs and need justification in terms of passenger traffic. Previously it has already been announced by the Deputy head of the government of the Russian Federation Marat Khusnullin, stressing that “the road will be required.” The Minister of transport and road economy of Tatarstan Lenar Safin said that the design of the road on the territory of Tatarstan is finished and when the economic situation improves, the interest in this project will definitely be back.
