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LONDON, July 3 (Itar-Tass) — European Bank for Reconstruction and Development /EBRD/ has issued a loan of 2.5 billion rubles to the Russian-based ‘Globaltrans’ corporation for a project of Russian railway cargo haulage upgrade.
The loan that is issued in rubles matures in seven years’ time and covers a part of Globaltrans’s expenses for purchasing cargo coaches and building up the fleet of locomotives.
EBRD assessments suggest that the modernization of the fleet of freight locomotives in Russia will require some $ 30 billion over the next fifteen years.
At present, more than 70% of drive engines in Russia is owned by private companies and the strategy for the development of Russian railways says the figure is expected to grow to 90% as a minimum.
In 2008, the EBRD purchased a stake in Globaltrans. It amounts to 3.2%.
The bank paid for it $ 49.55 million in the course of Globaltrans’s initial public offering in London.
On the whole, the EBRD has invested over $ 1.6 billion in thirteen projects in Russia related directly to the railways or to the allied sectors of the economy since the start of reforms at the Russia civil aviation in 2001.
The EBRD is a regional inter-state bank established in 1991 for the purpose of issuing long-term loans to the countries of Eastern and Central Europe. Russia is its member and the largest recipient of funds from it.