EBRD to allocate further 100 mln euros to bolster Ukrainian Railways liquidity

MOSCOW. Sept 1 (Interfax) - The European Bank for Reconstruction and Development (EBRD) is repurposing a further 98.8 million euros to bolster the liquidity of Ukrzaliznytsia, or Ukrainian Railways, the bank said in a press release.

An original 150 million euros loan to Ukrzaliznytsia was for a project to upgrade and electrify a part of the railway system in Ukraine, which was not disbursed. The bank agreed in June to repurpose an initial 50 million euros of the loan for the company's liquidity needs.

The funds will allow Ukrzaliznytsia "to address critical liquidity needs, ensuring vital railway passenger and cargo transport services are available for people and business," the EBRD said.

The Ukrainian Finance Ministry said on Telegram that Finance Minister Serhiy Marchenko and EBRD Director for Eastern Europe and the Caucasus Matteo Patrone signed the relevant documents on Thursday.