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Ukrzaliznytsya receives loans from European Investment Bank and EBRD

Ukrzaliznytsya receives loans from European Investment Bank and EBRD

13 November 2008

The European Investment Bank agreed to loan Ukrzaliznytsya (UZ) EUR 175 mln (USD 218 mln) to renew its fleet of rolling stock, Prime Minister Yulia Tymoshenko said earlier this week during a Cabinet of Ministers meeting. At the same time, the European Bank of Reconstruction and Development said it would loan Ukraine’s state-owned railway monopoly USD 125 mln to purchase new freight railcars. Minister of Transportation and Communications Joseph Vinsky said that the first tranche of the loans could be received in January 2009. Vinsky said the financing would be used to purchase new freight railcars, electric locomotives, diesel locomotives and develop the rail infrastructure. He said the loan would be given without a state guarantee. Inna Perepelytsya: UZ’ fleet modernization program will be just in time for domestic railway companies Kryukiv Wagon (KVBZ), Stakhaniv Wagon (SVGZ), Azovzahalmash (AZGM), Mariupol Heavy Machinery (MZVM), Dniprovahonmash (DNVM), Luhanskteplovoz (LTPL), and Dnipropetrovsk Switch (DSTR). Internal demand from UZ, based on previously announced figures (5 ths railcars), would cover ~15% of total domestic freight railcar production in 2009.

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