Translated version of this PSD: Ukrainian
Provision of a senior secured loan to JSC Ukrzaliznytsia ("Ukrainian Railways", "UZ", "Company") in the amount of up to USD 150 million aimed to acquire general purpose open freight wagons (the "Project"). The Project is an integral part of a multi-staged Rolling Stock Renewal Programme to renovate Company's ageing fleet, which has become a critical bottleneck of the country's transport system due to shortage and poor state of rail rolling stock.
EBRD funds will be used to procure general purpose open freight wagons. Within the Rolling Stock Renewal Programme, the Company has identified a need for acquisition of approximately 24 thousand open freight wagons and is now seeking the Bank's support to part-finance the initial stage of the Programme, which involves acquisition of about 6.5 thousand open freight wagons.
The transition impact of the Project is expected to come from (a) enhancement of the Company's corporate governance practices, establishment of a freight branch and obtaining procurement certification and (b) Green Economy Transition (the "GET") through reduction of CO2 emissions, as a result of avoided gradual modal shift towards road transport, as well as policy dialogue to accelerate adoption of the advanced energy efficiency technologies and practices in the railway sector.
UKRAINIAN RAILWAYS PJSC
The Borrower is the Ukrainian Railways, a vertically-integrated railway company fully owned by the Government of Ukraine. The Company was established as a public joint stock company in October 2015, via reorganisation of the former State Administration for Railway Transport of Ukraine, as part of the ongoing railway sector reform.
EBRD Finance Summary
Total Project Cost
The total Project cost is estimated to be up to USD 240.7 million, expected to be co-financed by the Company's own contribution and grant funding of the technical cooperation assignments.
Environmental and Social Summary
Categorised B. The purchase of new open freight wagons is not associated with significant environmental or social risks and any impacts can be identified and mitigated. An assessment of
the Company's corporate management of environmental, social and health and safety issues is being undertaken by an independent consultant for another project being considered by the EBRD and will be utilised for this Project. This includes a review of the Ukrainian Railways' supply chain management. An Environmental and Social Action Plan (the "ESAP") is being prepared and agreed with the Company to address potential issues such as corporate environmental and occupational health and safety management and supply chain management.
Technical cooperation support for the Project includes:
- Design of Energy Management Information System;
- Procurement benchmarking and certification;
- Implementation support to the Project Implementation Unit.
The TC programme is subject to further amendments and confirmation.
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