Construction of the First Russian Project Financed by NDB Starts in Karelia, Russia


The construction of the first project financed by the New Development Bank (NDB) in Russia was launched today in the Republic of Karelia. The groundbreaking ceremony was held to officially commence construction of two small hydroelectric power plants (HPPs). Mr. Alexander Hudilainen, The Governor of Karelia, Mr. Vladimir Kazbekov, NDB Vice President as well as high level representatives of Eurasian Development Bank, International Investment Bank, project’s investors China State Energy Engineering Corp. Ltd. (Sinomec), Russian Direct Investment Fund and the main constructor Hydro management company “Nord Hydro” laid the first cubic meter of concrete and a memorable time capsule during the solemn event.

Photo credit: Press-service of the Governor of the Republic of Karelia