The operation will enable ZAO Cargo Terminal Pulkovo to finance the design and construction of a new air cargo terminal building to be built at St. Petersburg Pulkovo Airport in Russia. The 10,700 m2 terminal will be located on a 47,000 m2 land plot adjacent to one of the two airport runways, with direct access to the aprons. The terminal, with a capacity of 30,000 to 35,000 tonnes per annum, will be fully state of the art. It will include specialised facilities for dangerous, valuable and temperature-controlled cargo.
The project will have an impact on the transition process by:
- attracting foreign investment in an operation run by a private company;
- introducing a new product, i.e. a modern cargo terminal, in an area where modern cargo terminals are presently absent; and
- promoting market efficiency and facilitating foreign trade through increasing access to a bottleneck facility.
- The project is also expected to contribute to the development of skills and the setting of high standards of corporate governance and business conduct.
A special-purpose Russian closed joint-stock company – ZAO Cargo Terminal Pulkovo (CTP) – was created to own and operate the terminal. The company will act as a borrower under the proposed project. The capital of the company is US$ 2 million. In addition, subordinated loans amounting to US$ 2.74 million will be contributed by the sponsors. The main shareholders of CTP are SUAE Pulkovo and Lufthansa's subsidiary GlobeGround, which will also manage the company.
Senior loan of US$ 8 million, comprising an "A loan" portion of US$ 4 million (€4 million) for the EBRD’s own account and a "B loan" portion of US$ 4 million (€4 million) to be syndicated to commercial banks
US$ 12.75 million (€12.75 million)
The project was screened as B/0, requiring an environmental analysis. This was based on information provided by GlobeGround and an environmental report commissioned by the State Aviation Enterprise Pulkovo. Issues likely to be associated with the new terminal, such as increased noise and air emissions, water discharge, waste management and handling of hazardous goods, will be addressed in the Environmental Action Plan to be prepared by the company and approved by the EBRD.
The new terminal will be constructed in accordance with international standards with due consideration to the efficient use of electricity and heat. Health and safety manuals will be developed for the employees in line with national and International Air Transport Association (IATA) guidelines. Regular general and specialist training will be provided, as well as necessary personal protective equipment.
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