The Moscow-Kazan railway has risen in price to 1.7 trillion rubles

Over the past year, the estimated value of this high-speed highway (VSM) has grown by almost a third. This road will become part of the BCM from Moscow to Beijing, worth 7 trillion rubles.
25.05.2018
Kommersant
Origin source
VSM Moscow-Kazan has appreciably risen in price. As reported at SPIEF-2018 TASS first deputy head of JSC Russian Railways Alexander Misharin, the financial model laid 1.6 trillion rubles. He specified that one of the variants of the model assumes a capital grant from the state for 700 billion rubles. "Kommersant" got acquainted with the current finnmodel, it describes two options - a separate section of Moscow-Vladimir and the entire highway to Kazan. Passenger traffic on the section Moscow-Vladimir - 6.7 million people. in 2025 and 7.7 million people. in 2035, Moscow-Kazan - 15.8 million people. and 18.6 million people. respectively. The need for financing the site to Vladimir - 486.7 billion rubles., And the cost of the entire BCM reached 1.69 trillion rubles. The assessment of the SCM is growing every year: if in 2013 it was said about 928 billion rubles, then by early 2018 the figure had grown to 1.26 trillion rubles, and now - by another third.

The VSM project (770 km) is planned to be implemented in the form of a concession with Roszheldor as a concessionaire and a concessionaire in the form of a special project company (SPK), which will include "Highways" (owned by Russian Railways), a foreign strategist (Chinese or German companies) other participants. The road in the future will become part of the Moscow-Beijing SCM (cost - 7 trillion rubles.). For financing, in addition to the strategic investor and the associated bank, they planned to involve development institutions. On Thursday at SPIEF-2018 Russian Railways concluded an agreement on cooperation in the SCM with the Eurasian Development Bank, and Alexander Misharin said that the project will claim the funds of the infrastructure fund.

It is assumed that investors will give 425 billion rubles., Of which 200 billion rubles. will provide JSC Russian Railways, 104 billion rubles. - strategic international investors, 120.9 billion rubles. - other participants. The borrowed funds in the amount of 570 billion rubles. It is planned to attract an international strategist from the bank (355 billion rubles) and international development banks (50 billion rubles), as well as to place infrastructure bonds worth 100 billion rubles. and attract commercial loans for 64.8 billion rubles.

Back in 2017, Russian Railways said that budget funds would not be needed for the Moscow-Vladimir section. In finnomeli on this site they are not provided, but the variant Moscow-Kazan assumes a capital grant for 700 billion rubles. - more than 40% of the total cost of the project. Although the idea of ​​the grant is long-standing, like the project itself, over time, it has stopped talking about it. Back in February, the project included a minimum guaranteed yield (MHD) - a mechanism through which, if the concessionaire does not achieve a planned revenue, the grantor covers the delta between the plan and the fact. The planned revenue depends on the passenger flow and the price of the ticket, and there were questions as to whether the scheduled passenger flow would be achieved (see "Kommersant" on March 1). But with the change in the basic mechanism of state financing for a capital grant, this dependence has disappeared - this shows that the authorities no longer count on the payback of the SCM. Earlier, Deputy Transport Minister Alan Lushnikov said in an interview with Kommersant that the country will not earn from the implementation of the SCM in the future - "from the fact that mobility will increase, salaries will rise, the price of real estate will change."

"The thing is that the project of the SCM can not be recouped due to passenger transportation," explains Maxim Chernigovsky, Infralex's partner. "If you invest in the cost of tickets, the cost of creating infrastructure and the cost of transportation, tickets will cost more than a plane." The only way to balance the economy of the project is to provide subsidies, the lawyer believes. A capital grant is a subsidy in the construction phase, which covers part of the capex (hence the name), he says. If the grant is not paid, then it will be necessary to subsidize the investor at the operational stage, and then - to attract loan financing. But then, at the expense of subsidies, it is necessary to cover not only the capex of the infrastructure owner, but also the interest on loans. This means that in such a case the state will have to gradually pay out an amount much larger than the capital grant, Mr. Chernigovsky sums up.

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