According to Sergei Frank, Russia's Minister of Transportation his ministry counts on a loan from the European Bank for Reconstruction and Development (EBRD) to pay for the modernisation of the Khabarovo airport in the Kaliningrad Region. A loan application will be put in to the bank's Board of Directors early in 2004.
The minister further said, 'We do not think that foreign investments can resolve all problems. However, they supplement our internal resources, helping to complete the most important projects as concerns the development of transportation infrastructure'. He reminded of that, during this year, his ministry made an agreement with EBRD concerning a USD 229 million loan for the construction of the most important sections of St. Petersburg's ring road and the road to connect the cities of Chita and Khabarovsk. A USD 5.4 million loan will be issued to the administration of St. Petersburg seaport for implementing a system of safe navigation in the eastern part of the Gulf of Finland. Loans amounting to USD 290 million and USD 75 million, respectively, will pay for more road construction and the completion of a ferry connection between Ust-Luga and Germany via the port of Baltiisk, the Kaliningrad Region.
Segei Frank also said that his ministry planned to extend its cooperation with the American Eximbank in order to obtain funds for purchasing road technologies and special security equipment for Russia's airports.