EBRD to allocate money for freight rolling stock renewal

EBRD to allocate money for freight rolling stock renewal

European Bank for Reconstruction and Development (EBRD) has decided to provide additional funding (USD 62.5 million) for freight rolling stock renewal, the press-service of Ukrzaliznytsia reported.

The adoption by the Verkhovna Rada of laws on the establishment of a public railway transport company - an important step forward in reforming the railway industry. Adoption of the law is the result of many years of fruitful cooperation between the Government of Ukraine, Ukrzaliznytsia and the EBRD.

"The separation of government functions and economic activities, Ukrzaliznytsia corporatization, creation of a vertical management systems by type of activity and financial transparency will allow Ukrainian railways to reach a new level of development. This reform can attract private investment in the railways, which are very necessary for the modernization the railway sector in Ukraine and improve the competitiveness of Ukrainian economy", - the EBRD Director in Ukraine Andre Kuusvek said.

Progress in industry reforming will expand cooperation. EBRD granted Ukrzaliznytsia three long-term loans amounting USD 234 million to finance the purchase of modern equipment for the maintenance of paths, freight rolling stock renewal and construction of the Beskydy tunnel.

Tags:

finance

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