The Ukrainian Railways public joint-stock company (Ukrzaliznytsia) has signed an agreement with the European Bank for Reconstruction and Development (EBRD) on the preliminary conditions for financing the purchase of freight cars under a project worth a total of USD 260 million, Ukrzaliznytsia’s Board Chairman Wojciech Balczun has announced.

"An agreement on the preliminary terms for financing the purchase of new freight wagons was signed with the European Bank for Reconstruction and Development at Ukrzaliznytsia’s office yesterday. The total estimated cost of the project is USD 260 million, of which USD 150 million will be loans from the EBRD and USD 110 million will come from Ukrzaliznytsia’s other sources of funding," Balczun announced on his Facebook page.

Balczun said that the agreement provided for the possibility of funding in the Ukrainian national currency.

According to him, Ukrzaliznytsia currently has a portfolio of seven projects to be financed with up to USD 1.05 billion by international financial organizations and foreign banks.

"With internal resources and funds attracted, we will continue to invest in renewal of our company’s rolling stock in accordance with the Development Strategy for 2017-2021. The total investment during these years will be UAH 130-150 billion," Balczun said.