The European Bank for Reconstruction and Development (EBRD) has amended the agreement on the ongoing Dolinskaya – Nikolaev – Kolosovka Railway Electrification Project, which will allow additional use of part of the EBRD loan in the amount of EUR98.5 million to provide liquidity to finance critical needs of JSC “Ukrzaliznytsya” (UZ).
Finance Minister Serhiy Marchenko, EBRD Director for Eastern Europe and the Caucasus Matteo Patrone, and Ukrzaliznytsia Board Chairman Oleksandr Kamyshin signed the corresponding documents on Thursday, the Finance Ministry reported.
The repurposed portion of the EBRD loan will be secured by a guarantee from the French government or another G7 country.
“Damage and destruction of the railway infrastructure, loss of Ukrzaliznytsia’s rolling stock have a negative impact on ensuring the smooth operation of the society. Therefore, an increase in the EBRD loan to support the liquidity of Ukrzaliznytsia will help maintain the stability of its work in war conditions,” Marchenko commented on the agreement.
As reported, earlier this year, on June 10, similar amendments to the agreement were already signed, according to which EUR50 million was directed to support the liquidity of Ukrzaliznytsia. Thus, the total volume of the EBRD loan for the liquidity of UZ reached EUR 148.5 million.
