EBRD loan to Rosvodokanal

What is it? A 1.5 billion rouble loan to part-fund a €465 million capital expenditure programme in Russia.

Who is responsible? The European Bank for Reconstruction and Development extended the loan to Rosvodokanal, one of Russia's leading private water operators. White & Case provided legal support.

Why is it shortlisted?

• The loan marks a major step forward in the procurement of Russian water management contracts. Disbursement is contingent on all RVK's existing and future contracts being re-balanced to bring them in line with international best practice.

• The deal shows vision and leadership on the part of the EBRD, which has worked hard to foster competition in the way Russian water contracts are awarded.

• The Russian water market has historically been closed to international operators. The EBRD's initiative goes a long way towards opening the market up, which will help to accelerate the rehabilitation of Russia's ageing water infrastructure by bringing in global players with international experience and access to cutting-edge technology.