EBRD provides a loan of 52,5 million euros for modernizing Moldova’s railways (Video)

EBRD provides a loan of 52,5 million euros for modernizing Moldova’s railways :The European Bank for Reconstruction and Development (EBRD) is providing €52.5 million to the state-owned railway company “Calea Ferata din Moldova”. The loan will be used to co-finance the acquisition of around 10 new multi-purpose locomotives and the rehabilitation of rail infrastructure. Also, the EU is co-financing the purchase of the locomotives with a 5 million euro investment grant.

The lending agreement was signed by Moldova’s Prime Minister Iurie Leanca and EBRD Director for Transport Sue Barrett in Chisinau on November 14.

The project aims to reform the railway sector in Moldova, improve its safety and efficiency and reduce energy consumption and costs, runs press release from the Government.

The whole project of railway modernization from Moldova requires investments amounted at 116,75 million euros. In addition to the EBRD’s €52.5 million loan, the European Investment Bank is expected to provide a parallel loan of a similar size to support this program. Further to the EU’s investment grant, further grant financing worth €1.75 million will be provided by the EBRD’s own funds, the Central European Initiative and the Czech Government.

The EBRD is the largest institutional investor in Moldova. Its priorities in Moldova are supporting private sector activity, promotion of European standards and regional integration and development of effective and sustainable public utilities. So far, the Bank has invested some €900 million in over 100 projects.

EBRD provides a loan of 52,5 million euros for modernizing Moldova’s railways

 

 

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