The European Bank for Reconstruction and Development (EBRD) will lend €200 million to Ukrainian Railways (Ukrzaliznytsya or UZ) to upgrade the country’s railway links with the European Union to its west.
This follows €150 of emergency liquidity finance to UZ last year to help Ukraine keep its trains running.
This new sovereign loan – €100 million for emergency finance and €100 million for working capital support – will mitigate the impact of the war by facilitating the expansion of cross-border capacity and improving railway connectivity with the EU. It will allow UZ to continue to provide vital services to people and businesses as well as to rehabilitate key rail corridors on its border with the EU and buy rolling stock.
In addition, the project is expected to be financed by an investment grant of up to €10 million from bilateral or multilateral donors, to cover investment in communications equipment, energy-efficient lighting and step-free access at several major railway stations.
The EBRD, Ukraine’s largest institutional investor, has pledged €3 billion of investments in Ukraine in 2022-23, and in 2022 deployed €1.7 billion and mobilised a further €200 million through partner financial institutions.
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