The proposed project involves a loan to the water utility (Vodocanal) of Syktyvkar in the Republic of Komi in Russia. The business purpose is to rehabilitate water and waste-water infrastructure and services in the municipalities and at the same time strengthen the water utility’s financial and operational performance.
The proposed project will have an impact on the transition process through corporatisation and commercialisation of the Vodocanal, through improved financial and operational performance and development of scope for a service contract.
The borrower is the water utility of Syktyvkar. the Republic of Komi acts as guarantor.
Senior loan of €10 million in RUB to Syktyvkar water utility. The NDEP (Northern Dimention Environmental Partnership) co-finances by a grant of €3.1 million.
Equivalent to €21 million.
The Project has mainly environmental objectives. An Environmental Analysis is being carried out by international consultants as part of the feasibility study.
Technical Feasibility Study financed by the Swedish ‘SIDA’ (€500,000).
Corporate Development programme financed by the Canadian ‘CIDA’ (€400,000). PIU support financed by Finland (€200,000). Project Engineer financed by NDEP (€600,000). Creditworthiness Enhancement Programme financed by EU (€200,000).
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