Globaltrans, a leading private company in the Russian market for railway freight transportation, within its program for the railcar park extension procured new railcars with the support of the European Bank for Reconstruction and Development (EBRD).
EBRD will provide a senior loan for 7 years with a fixed rate of 650 mln rbls to Open Joint Stock Company “New Forwarding Company” (NFC), a subsidiary to Globaltrans Investment Plc.
Pursuant to the company strategy, in 2010-2011 Globaltrans will buy up to five thousand new open gondola cars, and the EBRD loan will be utilized as funds for a part of this railcar park purchase.
In 2008 EBRD invested 49.55 mln USD in procurement of a minority interest of the Globaltrans Investment Plc upon the public offerings of the company’s shares.
Upon the Loan Contract signing, Sergey Maltsev, Globaltrans Director General stated: “This loan is yet another step in our long-term cooperation with the EBRD. The long-term ruble loan we received will be used for purchasing new railcars which will allow us to continue our program for increasing the ruble loan share. Being one of the independent leaders in our business area, we will further invest in the upgrade and improvement of the Russian railway system”.
According to Sue Barett, Head of the EBRD Transport Department, this loan has been granted by the European Bank for Reconstruction and Development in rubles and has set an example of support to trusted Russian clients aimed at reducing forex risks by provision of long-term loans in the currency of the borrower’s primary income.
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