Kazakhstan and France to manufacture electric locomotives

JSC “Locomotive” a subsidiary of “Kazakhstan Temir Zholy” struck a deal with the French export agency COFACE. According to Lars Reyding, the chairman of HSBC Bank Kazakhstan, the agreement will allow JSC “Locomotive” to attract ten year funds under the cover of a COFACE.
“HSBC was a key organizer of KTZ Eurobonds placement in the amount of USD 800 Million, this placement being the largest transaction in the CIS and Eastern Europe”, said Reyding.
According to him, the transaction, which was held for the JSC “Locomotive”, allowed to sign a framework agreement to attract export credit of up to one billion dollars.
Another deal was the attraction of USD 73 Million funding to the “Locomotive” for the purchase of locomotives from China, where Chinese export credit agency acted as guarantor. This was one of the conditions of funding.
Source: www.railways.kz