Chinese CRCC sets up consortium in Russia for infrastructure projects

Chinese CRCC sets up consortium in Russia for infrastructure projects
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The Russian VIS Group and the Chinese China Railway Construction Corporation (CRCC) signed an agreement on the establishment of a consortium to implement projects for developing transport infrastructure, the Russian company said.

Further interaction involves a wide range of instruments, including the creation of enterprises for the construction of metro lines. In particular, the parties have already agreed to set up a joint company, which will be engaged in investment projects in Russia and the Middle East.

“Earlier we reached an agreement with Chinese partners on the creation of a joint consortium and today it was formalized in a document”, Chairman of the Board of Directors of VIS Group Igor Snegurov said.

He added that combining competencies of the companies both in construction and in financing infrastructure projects will have a significant synergetic effect for the domestic market.

China Railway Construction Corporation is China's second largest state-owned construction company, which is managed by the State Property Committee. It specializes in the construction of high-speed railways, metro, highways, bridges, tunnels, real estate items and conducts business in more than 100 countries around the world. The corporation is currently building several Moscow metro stations in Russia.

VIS Group is a Russian holding company that implements large infrastructure projects. The holding invests its own funds in the creation of social, transport and communal facilities.