New road upgrade project for St Petersburg

Plans are being drawn up in Russia for the M-49 route in St Petersburg, a project which is expected to cost US$225.2 million. The new road will be built in St Petersburg’s Primorsky District, on the northern side of the city. The work is expected to help reduce peak time congestion in the city. The plans call for the road to be operated under an 11 year concession package. Much of the financing is being provided by the Eurasian Development Bank (EDB), with the remainder being supplied by the First Eurasian Concession Company (a division of Stroymetallkonstruktsiya).