CROATIAN Railways General Manager Marjan Klaric announced on January 18 the award of a US$101m modernisation loan from the World Bank. HZ will use this to launch a further investment programme later this year, as part of a recstructuring and renewals package.

The biggest elements are US$33·4m to cover the redeployment of 4700 surplus employees, and a further US$21m for infrastructure work. HZ is to spend US$20m on locomotive renewals and US$14·6m on the purchase of 200 new freight wagons. Rolling stock overhauls will cost US$9m for passenger coaches and US$3m for freight wagons.