OREANDA-NEWS. July 19, 2012.  The Bank of Moscow has allocated 3.63 billion RUB to finance the first phase of construction of the "Moscow-Odintsovo" water main. The relevant loan was extended to the project investor OOO OBINCO.

The new water main, stretching 22.5 Kilometres, will link the Odintsovo vodokanal system with the Mosvodokanal system and supply water in a quantity of 60 000 cubic metres a day, there by resolving the Odintsovo District water supply problem.

"The Odintsovo District needs its utility infrastructure renovated", commented Valeriy Krylov, General Director of OOO OBINCO. "Half of the networks and structures of the water supply and sewerage system are completely worn out, with up to 20% of the water being lost. At the same time, water consumption is growing by the year and the existing water supply system is already working flat out. Urgent construction of new networks and structures is required".

Reconstruction of the water supply and sewerage system is being carried out within the scope of a long-term programme for development and modernisation of the utility systems and facilities for the population of the Odintsovo Municipality for 2011-2021. The Bank of Moscow was selected at the financial partner for the construction as being the bank with the best competences in the sphere of municipal infrastructure construction.

"Co-operation with the Moscow Region is one of the Bank of Moscow's priorities in its development", commented Mikhail Kuzovlyev, President and Chairman of the Management Board of the Bank of Moscow. "In the given region, the Bank of Moscow concentrated on infrastructure projects requiring substantial funds provided on long-term conditions. As of today, we have accumulated considerable experience of implementing such projects. it many now be asserted that, for market participants fulfilling state orders and major contractor organisations, the Bank of Moscow has become the main bank financing municipal programmes".