The European Bank of Reconstruction and Development (EBRD) has repurposed part of an existing loan to provide €50 million of liquidity to UkrZaliznytsya (UZ), Ukraine’s railway company, known in English as Ukrainian Railways. The aim is to keep trains running as the country grapples with the Russian invasion.
The EBRD originally agreed to lend €150 million to UZ, the monopoly provider of rail transportation in Ukraine, to upgrade and electrify one section of the country’s nearly 20,000km of railway and related infrastructure. That loan has yet to be disbursed.
The repurposed financing will support “the movement of goods and people, including displaced persons, and help maintain Ukraine’s trade links with the outside world,” said EBRD President Odile Renaud-Basso.
“We continue to provide solutions to increase freight traffic and we have to provide opportunities for Ukrainians to return home. This loan is critical for the maintenance of our stable liquidity. I am grateful to international institutions for continuous support and hope that we will soon be able to demonstrate real and effective results of our partnership,” said CEO of Ukrzaliznytsya, Olexander Kamyshin.
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