Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

29 May 2012



PSD disclosed:

25 Apr 2012


Translated version of this PSD: Russian

Project Description

The EBRD is considering providing debt financing for Phase II of a large scale railcar acquisition programme and pilot purchase of new locomotives by a leading private operator active on the Russian market – GTI, thus supporting actively two key objectives of the Russian sector reform:

(i) wider private sector participation in the rail operations and

(ii) urgently needed rolling stock fleet renewal.

Transition Impact

The transition impact of the proposed investment is derived from:

  • Introduction of new products/services
    Traction is currently provided on a monopolistic basis by RZD and traction tariffs. The regulators are taking a number of measures, including the expected separating out of the traction component of the rail infrastructure tariff and considering the introduction of enabling legislation to stimulate private sector investment in locomotives. Transition impact would originate from supporting GTI in becoming one of the first private rail companies to operate its own rail traction under the new regulatory regime. This can improve cost controls and increase overall competition in the railway transportation system.
  • Support for competition in the sector
    The landscape of the sector is changing substantially with the privatization of Freight One and the formation of Freight Two. With two major players of significant scale now active on the rail market, supporting GTI to compete on a federal level in terms of scale of offer, coverage and tariffs would promote competition in the sector.
  • Capital markets development
    This will be a pilot project with the loan indexed to a new Rouble-based overnight index swap (“OIS”) interest rate, Roisfix, seen as a less volatile alternative to Mosprime. The success of the first EBRD loan linked to this new instrument could unlock further financing opportunities for Russian Clients and help develop the Rouble OIS market.

The Client

New Forwarding Company (NPK), the main operating subsidiary of Globaltrans Investment Plc (GTI) - a Cyprus based holding company that coordinates the rail transportation activities of the N-Trans group.

EBRD Finance

Senior loan of up to RUB 2.5 billion (EUR 64 million equivalent) for up to 7 years.

Project Cost

Up to RUB 9.5 billion.

Environmental Impact

Categorised B in accordance with the EBRD Environmental and Social Policy 2008. The environmental and social due diligence expanding on the Bank’s previous projects with GTI and NPK showed that the expansion of the Company's rolling stock fleet will not result in significant environmental or social impacts and that the Company is currently in compliance with the relevant EBRD Performance Requirements.

GTI and NPK have an environmental policy, which commits them to operating in regulatory compliance, protecting natural resources and biodiversity, pollution prevention, labour safety, respecting the rights of indigenous people as well as to environmental, health and safety training of personnel. The Company relies on the third-party services in operation and maintenance of the rolling stock and the principles of the Company's environmental policy are communicated to third parties providing services to the Company. The Company implements its policy by reducing the empty runs of rail cars, regular maintenance of rail cars based on actual use, and opting for maintenance and repair companies that use environmentally-friendly technologies which minimise wastewater and waste production.

The Company's railcars are occasionally involved in transportation of environmentally sensitive materials, but as a freight forwarder and operator its responsibility for accidental spills and derailments are limited. It is a responsibility of shippers to obtain an accidents and incidents insurance cover for transportation of goods, while the railway carrier bears the operational risk and is responsible for emergency planning and response. The Russian Railways (RZD) is responsible for ensuring and monitoring compliance of transported goods and railcars with technical specifications and regulations, availability of relevant permits and conducting inspections of the railcars at the time of loading and unloading of cargo.

The new rolling stock and locomotives to be purchased will comply with relevant Russian environmental and safety regulations as well as EU environmental requirements, where relevant.

Technical Cooperation


Company Contact

Roman Goncharov, CFO of OJSC “New Forwarding Company”
16/15, b. 6, Spartakovskaya sq., Moscow, 105082, Russia

Tel: +7 (495) 788 05 75
Fax: +7 (495) 788 05 73



Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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