TransFin-M, Sberbank agree up to 20 bln rubles in project financing
MOSCOW. Sept 26 (Interfax) - Sberbank of Russia will be financing the projects of TransFin-M LLC (TFM) to the tune of up to 20 billion rubles and for as many as 15 years, and the agreement is slated for signing on Monday, a TFM statement says.
"For effective work in the railway sector's leasing segment, financing for a term of 15-20 years is now necessary. We will put the Sberbank [funds] into the realization of a number of projects. The modernization of locomotives, the acquisition of railcars for our joint operating companies, a deal for the leasing of a railcar-wheel workshop," TFM General Director Dmitry Zotov is quoted as saying.
Among the financing goals are "leasing programs with Transaero." Also, the bank will provide TFM with services in cash-settlement and wage servicing and assist with TFM operations on financial markets, including in the field of hedging.
TransFin-M is involved in the leasing of railway transport, the production of technological equipment, special machinery and automotive transport. RusReilLizing, controlled by the pension fund Blagosostoyanie, owns 95% of its charter capital. It has some 26,800 freight cars, 129 passenger cars, and 40 locomotives.