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JBIC bank intends to invest in Yakutsk airport

Japanese Bank1

At the meeting with representatives of the Japanese bank JBIC, Deputy General Director of the Yakutsk Airport, Anna Struchkova, spoke about the reconstruction of the international airport terminal worth 1.4 billion rubles. Representatives of the Japanese bank JBIC proposed a project financing scheme.

Anna Struchkova reminded the meeting participants that the project has already signed a memorandum with Hokkaido Corporation. “For the project, we are also considering Japanese-made equipment - equipment for the safe servicing of passengers, aircraft and the airfield, as well as for the customs control systems,” she explained.

According to her, the total estimated cost of the project is about 1.4 billion rubles. The project implementation is divided into several periods. This year, the airport plans to order design and estimate documentation that will cost 105 million rubles, and construction and installation work and the equipment of the finished premises will begin in 2020 worth more than 900 million rubles. Renovation of the international terminal should be completed by the end of 2021. The management of the airport expects to recoup the invested funds from the proceeds within 10 years.

Manabu Kato, Director of the Third Division of the JBIC Oil and Gas Projects Financing Department, noted that the reconstruction can be financed according to the same scheme that they are going to invest in the project of a garbage-processing plant in cooperation with the YakutskEcoSeti Company.

Japanese Bank2

According to Mr. Kato, there are two issues that need to be addressed: firstly, JBIC Bank can provide financing under the guarantee of the government of Yakutia, however, for this, the management of the investing party needs permission to carry out the procedure, since current legislation does not allow a foreign bank to do this.

“I spoke on this issue with representatives of the Russian Ministry of Finance. I was informed that there is the possibility of obtaining a guarantee from the republic by a foreign legal entity. In the first weeks of April, I am going to organize a meeting with the ministry in Moscow in order to obtain documentary confirmation of this interpretation,” said a representative of JBIC Bank.

Secondly, according to the rules of a Japanese bank, a corporation must participate in order to receive investments in the company's authorized capital. “Within the framework of this participation, our company will provide maintenance of equipment,” said Mr. Kato.

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Currently, there is a credit line of about 8-9 billion rubles between JBIC and Russian Vnesheconombank, that is why representatives of a Japanese bank are considering actions under this agreement. As the First Deputy Minister of economy of the republic, Vladimir Sivtsev, noted, the Yakut side should still hold talks with VEB.