European bank loans $500 million to Russian Railways
The Russian Railways said Wednesday it has received a $500 million loan from the European Bank for Reconstruction and Development, funds that will allows the railroad to 'optimize its debt structure.'
The 10-year loan has a floating rate of 4 percent per year.
'We view the provision of this credit as part of the implementation of the EBRD's policy of taking part in major Russian projects, aiding the integration of Russia into the European community and of (Russian Railways) into the global transport system,' said Russian Railways President Vladimir Yakunin. 'It also shows that the reforms being carried out at (the railways) are heading in the right direction, and have the support of the international community.'