The total cost of the Company’s investment programme is RUB 9 billion (~EUR 225 million). Availability of the second tranche will be based on progress towards achieving specific financial targets. The Company is wholly owned by the City.Ī senior loan to the Company of up to RUB 5 billion (~EUR 125 million) in two equal tranches of up to RUB 2.5 billion (~EUR 62.5 million). OJSC “Nizhegorodsky Vodokanal” (the “Company”), a local utility company providing water and wastewater services in Nizhny Novgorod, the fifth largest city in Russia and capital of Nizhegorodskaya oblast (the “Oblast”). Transfer of skills: Involvement of international consultants under the TC assignments will provide the Company with a training-on-the job access to international financial, corporate, managerial, procurement and engineering skills and knowledge transfer.(b) allow the Company to agree with the City on investment plan and financing. (a) establish standards and a transparent structure for the provision of services and The PSC will define the respective rights and obligations of the City and the Company as well as quality of the services to be provided by the Company. Introduction of a Public Service Contract (the “PSC”) will result in institutional strengthening and optimisation of the relations between the City and the Company. Commercialisation: The project will bring improvements in financial, operational and efficiency performance of the Company which would result in improvement of the quality of water and wastewater services provision to the City residents.

Transition impact will be delivered through the following: The EBRD is considering to co-finance a portion of a long term investment programme of RUB 9 billion (~EUR 225 million) over 2011-2016 for the rehabilitation and upgrade of water and wastewater infrastructure and facilities in Nizhniy Novgorod.

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