UKRAINE: The European Bank for Reconstruction & Development is to provide Ukrainian Railways with a US$150m senior loan to finance the acquisition of up to 6 500 open wagons through an international tender.

The provision of financing is to be combined with corporate reforms at UZ and its subsidiaries. This will include the implementation of corporate governance and anti-corruption action plans, with the appointment of independent directors and the establishment of an audit committee and an internal audit function.

EBRD will also assist UZ in certifying and improving its procurement processes and implementing an energy management information system.