13.11.2006 – 11:13
KfW IPEX-Bank finances upgrading of the Croatian railway
KfW IPEX-Bank is financing the upgrading of the Croatian railway line between Zagreb and Split. In Zagreb Friday, the Croatian Minister of Finance, Ivan Suker, and Christian Murach, managing director at KfW IPEX-Bank, signed a financing agreement worth EUR 37.5 million for signalling equipment and track material (new sleepers and rails) to be supplied by MAN Ferrostaal. The project is part of a comprehensive procurement programme aimed at upgrading the Croatian railway; it includes investment in rolling stock and track rehabilitation. Since 2003 KfW IPEX-Bank has provided the Croatian railway with a total of around EUR 180 million in loans to finance the upgrade.
At the signing ceremony, Murach stressed the good cooperation with the Croatian partners and the key importance of the transaction for the development of the Croatian railway: "Signing this contract is a further important milestone in our cooperation with Croatia. The extension of the pan-European railway network will make an important contribution to the development of the infrastructure in Croatia and thus to the basis for economic growth in south-eastern Europe."
Upgrading the line between Zagreb and Split, which is a particularly important section of the Croatian railway system, is intended to reduce travel times between the two cities from 7.5 hours at present to 5 hours. In addition, the security features will be brought into line with current international standards.
About KfW IPEX-Bank Within KfW Bankengruppe KfW IPEX-Bank provides project and corporate finance as well as trade and export finance in Germany and abroad. Worldwide it conducts all market activities of KfW Bankengruppe that are carried out on commercial terms. It has been run as a legally dependent bank within KfW Bankengruppe since 1 January 2004 and on 1 January 2008 it will become a legally independent subsidiary. In 2005 KfW IPEX-Bank made new commitments totalling EUR 12.1 billion. It has Representative Offices in London, New York, São Paulo, Bangkok, Beijing, Istanbul and Moscow.
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Original content of: KfW, transmitted by news aktuell