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File photo: EPA/BGNES
China Railway Rolling Stock Corporation – CRRC has proposed to invest EUR 300M under a project for strategic partnership with Bulgaria’s indebted state – owned railways operator BDZ, the Bulgarian Transport Ministry, said on Thursday.
A total of EUR 130M will be used to re-finance BDZ’s outstanding debt, while the remainder of EUR 170M is intended for the purchase of new electric and diesel multiple-unit trains, the transport ministry said in a statement.
Also they’ve proposed the delivery of new rolling stock to meet BDZ’s most urgent needs.
Important step in the development of the partnership between the two countries will be the establishment of a joint committee comprising representatives of BDZ, CRRC, the Bulgarian Transport Ministry and Chinese financial institutions to discuss all the details of the investment proposal.
The investment will be repaid by the capital transfer from the State to the BDZ, and the Chinese investors see this as sufficient guarantee to be able to loan-finance such a project.
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