To provide long-term finance for the construction of a new rail terminal at the port of Ventspils by Latvia Railways.
The project aims to maintain the long-term competitiveness of LDZ's main freight transit route by: (a) improving the operational flexibility of rail facilities in the port; (b) increasing freight handling capacity; and (c) improving environmental safety of rail activities. The loan will finance construction of a new rail yard and connecting link, plus project management.
The project is expected to have an impact on the transition by:
supporting the modernisation and restructuring of Latvia's national railways, including private participation and open access to the public rail network.
leading to better quality freight services to ensure the competitiveness of the main transit route and to strengthen the commercial prospects of Latvian ports and shipping sector.
improving environmental safety.
The borrower will be Latvia Railways (LDZ), the Latvian State Railway Company. The guarantor will be the Republic of Latvia.
EBRD loan of US$ 20.5 million (ECU 17 million equivalent). The project is part of an ECU 92.3 million priority investment programme to be co-financed by the European Investment Bank, EU-Phare and LDZ.
Total project cost is ECU 23.4 million, of which LDZ will finance ECU 6.4 million.
The Project has been categorised as B/0, requiring an environmental analysis. Following the review of the Environmental Analysis prepared by an environmental consultant, LDZ developed an Environmental Action Plan, which is acceptable to the Bank, the relevant authorities and project designers. During the construction and operation adequate provision will be made for disposal of hazardous and non-hazardous solid wastes, water runoffs and possible increased noise along the railway corridors. The implementation of the EAP will be covenanted in the Loan Agreement.
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Text of the PIP