The European Bank for Reconstruction and Development (EBRD) has established a company called Crea I UA LLC in Ukraine to manage the bank’s own railcars. Mark Magaletsky, a senior banker with the EBRD, announced this in an interview with the CFTS portal.
These are railcars that the EBRD recovered from the Interlizinvest private railway operator after suing it for failing to meet its loan servicing obligations.
"A subsidiary company has been created. It is the holder of the railcars. For now, the railcars will work for us directly. With this fleet of 2,387 railcars, we are essentially among the top 5 largest private owners of railcar fleets in Ukraine," said Magaletsky.
However, according to the banker, the EBRD plans to withdraw from this project because it is not part of its core operation.
"We will invite professional companies to operate the railcars, but we plan to sell them in the future. Currently, the market environment for that is not very good. Therefore, our task at this stage is to fully ensure control over the assets, launch them into operation, and seek opportunities to sell them in the future... This is not our business. Everyone should mind his own business," said Magaletsky.
