Ukrainian Railways receives half a billion euros in international support

Image: Telegram. Ukrzaliznytsia

Ukrainian Railways (UZ) is receiving approximately 500 million euros in international financial support. The money comes from the European Bank for Reconstruction and Development (EBRD) in the form of a loan, as well as from the World Bank and Switzerland as a grant. The money is to be spent on electric locomotives and infrastructure.

UZ, the EBRD and the Ukrainian ministry of rehabilitation have come to an agreement for the allocation of a 300 million euro loan to Ukrainian Railways. With the money, UZ will be able to purchase an additional 80 electric freight locomotives. Earlier, the World Bank also provided a grant of 190 million euros to UZ for the same purpose of purchasing electric freight locomotives.

“The issue of updating the fleet of locomotives for UZ is critical and urgent. The collaboration of the World Bank and the EBRD is an example of how one of the largest international financial institutions joined forces to implement such a large-scale project. Obtaining new and high-tech electric locomotives will significantly increase the efficiency of freight transportation”, UZ’s CEO Yevhen Lyashchenko stated.

Switzerland also steps in

At the same time, Switzerland also announced an extra grant of approximately 10 million euros for UZ. The money is supposed to be spent on rail fasteners in order to securely fix the rail in place. It will facilitate the restoration of railway infrastructure, primarily in the directions of transport corridors bordering EU countries, in the direction of ports and the Trans-European Transport Network.

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Ukrainian Railways receives half a billion euros in international support | RailFreight.com

Ukrainian Railways receives half a billion euros in international support

Image: Telegram. Ukrzaliznytsia

Ukrainian Railways (UZ) is receiving approximately 500 million euros in international financial support. The money comes from the European Bank for Reconstruction and Development (EBRD) in the form of a loan, as well as from the World Bank and Switzerland as a grant. The money is to be spent on electric locomotives and infrastructure.

UZ, the EBRD and the Ukrainian ministry of rehabilitation have come to an agreement for the allocation of a 300 million euro loan to Ukrainian Railways. With the money, UZ will be able to purchase an additional 80 electric freight locomotives. Earlier, the World Bank also provided a grant of 190 million euros to UZ for the same purpose of purchasing electric freight locomotives.

“The issue of updating the fleet of locomotives for UZ is critical and urgent. The collaboration of the World Bank and the EBRD is an example of how one of the largest international financial institutions joined forces to implement such a large-scale project. Obtaining new and high-tech electric locomotives will significantly increase the efficiency of freight transportation”, UZ’s CEO Yevhen Lyashchenko stated.

Switzerland also steps in

At the same time, Switzerland also announced an extra grant of approximately 10 million euros for UZ. The money is supposed to be spent on rail fasteners in order to securely fix the rail in place. It will facilitate the restoration of railway infrastructure, primarily in the directions of transport corridors bordering EU countries, in the direction of ports and the Trans-European Transport Network.

Also read:

You just read one of our premium articles free of charge

Want full access? Take advantage of our exclusive offer

See the offer

Author: Dennis van der Laan

Add your comment

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