EBRD opens a $50-m credit line for Kaztemirtrans for 10-year term

The European Bank for Reconstruction and Development (EBRD) has opened a credit line of $50 million for ten years for KazTemirTrans JSC (KTT, a 100-percent subsidiary of the national railway company Kazakhstan Temir Zholy, KTZ), the largest freight rail car operator. EBRD and KazTemirTrans signed an agreement yesterday in London, RZD-Partner.Ru reports.

Yerzhan Tadzhiyakov, KTZ’s finance manager said the funds would be used to upgrade KTT’s freight cars fleet. The company will invite bids to purchase the rail cars.

According to the 2020 rail transport development program of Kazakhstan the country has projected upgrade of the entire railway industry, its rolling stock fleet. In the next several years, the KTT statement says, the company is going to get more funds from EBRD.

Kazakhstan Temir Zholy is part of the Samruk-Kazyna State Fund. KTZ is the largest operator of main railroad network of Kazakhstan. The company is engaged in freight and passenger transportation, logistics, telecommunications, infrastructure and investment projects.

KazTemirTrans JSC emerged on October 21, 2003 as a result of the rail industry reform. Currently it is the largest Kazakhstan operator of freight cars fleet.