Small Historic Cities Development Project Phase II (NDB-SMALLHISTORICCITIESII)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Russia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • New Development Bank (NDB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 29, 2020
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Government of Russia
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 230.56 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 205
Converted using 2020-06-29 exchange rate.
Loan Amount (USD)
$ 230.56 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 205
Converted using 2020-06-29 exchange rate.
Project Cost (USD)
$ 322.79 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 287
Converted using 2020-06-29 exchange rate.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ NDB website

Updated in EWS Feb 28, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the NDB, the Project envisages (i) restoration of cultural heritage sites in order to create tourist focal points; (ii) construction and modernization of related auxiliary infrastructure; and (iii) development of marketing and branding strategies of the cities. The Project is an extension of the Small Historic Cities Development Project Phase I that is currently being implemented with NDB financing.

The Project focuses on urban development through preservation and development of cultural heritage to drive tourism related revenues and improve the municipal economy of eight small cities located in the European part of Russia. The Project will foster economic growth, job creation and new businesses through urban infrastructure improvements while boosting the importance of cultural heritage sites.
The Project’s expected benefits are: (i) an increase in annual tourist flows in the cities, leading to (ii) an increase in the employed population; (iii) an increase in the earnings of local residents; and (iv) an increase in municipal budget revenues of the cities.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by DevEx, the Fund for Investment Construction Projects in St. Petersburg is a non-profit organization that is not engaged in political activities, established to improve the investment climate in the country and to effectively and efficiently spend funds allocated for infrastructure development and construction.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Saint Petersburg Foundation for Investment Projects (FISP) Contractor Construction

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

NDB Team Leader:

Anna Valkova - Eurasia Regional Centre

No contacts provided at the time of disclosure.

Borrower - Ministry of Finance:

Anna Bakanova
Email: PriemnayaDep17@minfin.ru

Implementing Agency - Saint Petersburg Foundation for Investment Projects (FISP):

Email: spfund@fisp.spb.ru

ACCESS TO INFORMATION

You can submit an information request for project information though a form at the bottom of the following webpoage https://www.ndb.int/about-us/contact-us/. Alternatively, you can send an e-mail to info@ndb.int. 

ACCOUNTABILITY MECHANISM OF NEW DEVELOPMENT BANK

The New Development Bank (NDB) does not currently have an independent accountability mechanism to accept complaints related to NDB-financed projects. The Bank does have a whistleblower mechanism that receives complaints about misconduct related to corruption, fraudulent practices and instances of money laundering in projects financed by the NDB and/or against the NDB staff members. To learn more about the whistleblower mechanism and how to file a complaint, access this webpage at: https://www.ndb.int/about-us/whistleblowing/.

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