Argentina: As part of a debt restructuring programme, Grupo Soldati was expected to sell its Tren de la Costa light rail operation in Buenos Aires for US$100m. The line carried 441000 passengers between May and August last year, down 40% from the 742000 passengers carried in the same period in 1998.

Europe: Eurotunnel’s shareholders took up 87·7% of the 250 million units on offer under the rights issue that closed on November 15 1999. French units were underwritten, and the balance of British units was sold above par on the London market.

Kazakstan: The European Bank for Reconstruction & Development will lend US$65m to KTZ to fund infrastructure and rolling stock modernisation, purchase of spares and staff training. KTZ will contribute US$25m.

Ukraine: Restructuring of Ukrainian Railways and upgrading of the Kyiv - L’viv route will be financed by a US$51·9m loan from the European Bank for Reconstruction & Development, approved in December.