Bulgaria: BDZ has secured a total of $170m in loans from the World Bank, the European Bank for Reconstruction & Development, and other sources, to fund modernisation projects up to the end of 1998.

Finland: Finland’s Ministry of Trade & Industry with Rautaruukki Corp have launched a share offering of 13 million shares aimed at broadening Rautaruukki’s ownership base, and funding the Rautaruukki 2000 investment programme.

France: The European Investment Bank, with a group of other banks, is lending Ecu160m to fund construction of a VAL automated light metro line in Rennes (RG 3.97 p171).

Hungary: Kreditanstalt für Wiederaufbau and Landesbank are to loan DM283m to fund electrification of three MAV lines totalling 256 km, to be carried out by Viacom (RG 4.97 p211).

New Zealand: Franklin Resources of the US has bought a 6·47% stake in Tranz Rail.

Romania: The European Investment Bank is providing a second tranche of Ecu100m for modernisation of the Bucuresti metro; the loans will help fund upgrading of rolling stock, and work on a 3·3 km extension.