KAZAKHSTAN: The European Bank for Reconstruction & Development and a group of commercial banks signed a US$300m syndicated financing package to support modernisation and restructuring at national railway KTZ on July 27.

EBRD is providing US$150m on its own account, and syndicating the remaining US$150m to Citibank, Mizuho Bank, Société Générale; Sumitomo Mitsui Banking Corp and Bank of Tokyo-Mitsubishi UFJ. The proceeds will be used to refinance KTZ’s eurobonds.

As part of the project, EBRD is to work with KTZ on tariff reform, restructuring and sustainable energy technologies.