OREANDA-NEWS. November 05, 2008. Under a tripartite agreement between the State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)”, open joint-stock company “Russian Bank for Development” and open joint-stock company “Moscow Business Incubator” on implementation of the first phase of the project “Construction of the Moscow City Technological Park “Nagatino-ZIL”, RBD has issued a bank guarantee for the Moscow Business Incubator to secure its repayment obligations, reported the press-centre of RBD.

Guarantee worth RUR 1.4 billion was extended till October 31, 2010. Landesbank Baden-Wurttemberg is acting as a beneficiary of the transaction.
 
The project is being financed by Vnesheconombank that has opened a credit line worth USD 200 million.
 
The project envisages creating office premises on the territory of 31.5762 hectare in the western part of Nagatino flood-plain area (Southern Administrative Okrug) for small and mid-sized enterprises involved in state-of-the-art, innovation and millimicro technologies. The total building area is 948 200 square meters. The commercial name of the project is “Nagatino i-Land”.

The project is based on the public-private partnership with the Moscow city government which undertook construction infrastructure facilities for the technological park including a metro station and a bridge.
 
The Project is designed to solve the following problems:

Participation in the city’s program for SME support via providing small enterprises involved primarily in innovations with perfect premises,

Creating conditions for development of innovation techniques,

Meeting the demand for office premises of Class “В” and “В+”,

Improving living conditions for residents in the adjacent regions by improving the area’s environment,

Transport infrastructure improvement,

Modernization of a number of engineering structures of AMO ZIL with the further use of the above both for the Techno park and for the adjacent territories,

Raising the status of the territory of the project which enables to boost the investment attractiveness of projects implemented in this area.

The Technological Park construction will fall into five phases. The first phase started in July 2006. The construction is to be completed in the first quarter of 2009.

The first phase construction costs USD 497 million.