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Monday 26.09.2016 | Name days: Kurts, Knuts, Gundars
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Swedbank to provide LDz with a EUR 31 million loan to assist with train modernization

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUSwedbank has signed a contract with Latvijas dzelzceļš in regards to the allocation of two long-term loans with a term of fifteen years for a total amount of EUR 32.26 million to assist the financing of LDz planned train modernization project.

In order to carry out renewal of its diesel trains and reduce maintenance costs of 2M62U trains, LDz subsidiary LDz Rolling Stock Service plans to modernize 14 diesel trains of this category by 2019. «This will be the largest train modernization project we have ever had. Its objective is to improve train efficiency. It is a very important investment to the enhancement of the competitiveness of Latvia’s railway,» – comments LDz Vice-President Aivars Straksas.

The first trains were modernized using LDz’s own finances. However, in order to continue this project, LDz has decided to announce a public procurement for a long-term loan to help finance the modernization project.

LDz Rolling Stock has already carried out a partial modernization of its rolling stock. Modernization costs turned out lower than procurement costs of new trains. In addition, the modernization of 2M62U trains will allow the company to enhance its traction power to carry heavier train compositions, reduce repair and maintenance number, and acquire more modern, environmentally friendly trains.

LDz concern consists from Latvijas dzelzceļš leading company and five subsidiaries – LatRailNet, LDZ CARGO, LDz Infrastructure, LDz Rolling Stock Service and LDz Security.

Ref: 102.109.109.2478


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