Thursday, November 23, 2017

Sverdlovsk developers to pitch investment proposals in Sochi

A delegation of infrastructure developers from the Sverdlovsk region will present more than 15 proposals at an investment forum in Sochi later this month.

The centerpiece of the developers' pitches are the newest plans for Yekaterinburg's Central Stadium, which will be used during the 2018 FIFA World Cup. FIFA officials initially requested that Central Stadium be completely demolished and rebuilt in order to comply with the association's minimum seating requirement of 35,000 seats, ITAR-TASS reports.

However, the controversial proposal to destroy the historic stadium drew outcry from citizens and officials alike in the Sverdlovsk region, prompting FIFA to allow developers to renovate the original structure in lieu of building a new facility.

Regional developers are seeking investors at the Sochi forum--held Sept. 18-21--to fund the installation of an additional 8,000 seats to accommodate World Cup spectators. Money saved from adding to the existing Central Stadium facility will be spent on projects in the region including the construction of the second branch of the Yekaterinburg metro and ring roads, which will alleviate vehicle traffic during the World Cup activities in the region, according to ITAR-TASS.

In total, Sverdlovsk developers are seeking $1.89 billion in investment capital to fund such projects as a new campus for Ural Federal University, a high-tech industrial park and the establishment of new industrial zones to attract new businesses to the region.

Additionally, developers will make a special presentation during the Sochi forum seeking $540 million for the complete technological overhaul of the Sverdlovsk city of Srednerual'sk, ITAR-TASS reports.