VTB Bank has opened a
The passenger cable car across the Volga River connects Nizhny Novgorod with its satellite town, Bor, and is a faster and cheaper alternative to motorways and river transport. The Nizhny Novgorod government initiated the construction of the cable car to ease traffic congestion. Work on the project began in early 2010, and the cable car opened to passengers in 2012, reducing travel time from Nizhny Novgorod to Bor from 90 to 12 minutes. The cable car can carry up to 500 passengers per hour.
Mikhail Oseevskiy, Deputy President and Chairman of VTB Bank Management Board, said: "Nizhny Novgorod Cable Car Company is an unusual client for VTB Bank. This investment project benefits the region’s transport, tourism and social development. The cable car is an extremely important traffic route for people in the region. I believe that by working with regional authorities we will help the company to continue developing in future."
Vladimir Ivanov, Deputy Governor and First Deputy Chairman of the Government of the Nizhny Novgorod Region, said: "The Nizhny
The main beneficiary of Nizhny Novgorod Cable Car Company is the Nizhny Novgorod Regional Ministry of State Property and Land Resources, with 61.29% of share capital. The cable car line is an effective way to ensure the transport accessibility and regular passenger flow between Nizhny Novgorod and Bor. The estimated travel time at an average speed of 14–22 km/h is only 12.5 minutes. The 3.