Inteko can change Itera

The Russian company Inteko is currently exploring the possibility of investing in the project Minsk-City.

This was stated by Deputy Chairman of Minsk City Executive Committee Sergei Radoman on June 13. "We’re cooperating with the Russian company Inteko. A working group thoroughly studied the material. By the end of the week a meeting will be held, which will give the reason for substantive conversation," he said.

"Following the decision to terminate the investment agreement with the company Itera, Minsk city executive committee prepared all the presentation materials of the construction site and sent to the potential investors. The issue of participation of a Turkish company in the project is currently under consideration. The company is willing to invest about €4 billion. Negotiations with investors from China, Iran and Qatar are underway, as well," said Sergei Radoman.

According to him, so far the final decision hasn’t been taken. "Investors will come up with a proposal, and we will agree then who will build up the territory," noted Sergei Radoman. He said the new investor would develop a new concept, the parameters of which should be agreed with the city authorities.

As charter97.org previously reported, Belarus found a new investor for Minsk-City project. Prior to that, the Belarusian authorities had terminated the contract with the company Itera for the construction of Minsk-City business center.

In turn, an international group of companies Itera explained the reason for breaking the contract with the Belarusian authorities to build Minsk-City. "The project is hard to implement in its pre-crisis arrangements now: it is unprofitable from a commercial point of view. It’s impossible to keep the same pace and volume of construction," said Itera.