Cuban Union Railways, the Russian Agency for Export Credit and Investment Insurance (EXIAR) and Sinara Transport Machines have entered into an agreement on the supply of locomotives, cars and equipment for the modernisation of Cuban railways. EXIAR will provide a EUR 190 million loan for the revitalizing of Cuba’s locomotive fleet.
Under the agreement, the parties will sign a five-year contract for the delivery of locomotives operated by Ferrocarriles de Cuba, as well as spare parts and equipment for the modernisation of the rail depot in the city of Havana. EXIAR will assist the negotiations with the Russian credit institutions in order to finance the contract under its coverage.
The agreement stipulates the coordination of the stages of the project for the delivery of locomotives to Cuba. Currently, the companies have already begun the process of harmonization of the technical elements for the production of the vehicles that will be put into service on non-electrified suburban passenger rail sections.
As the chairman of the Board of Directors of the Group Sinara Dmitry Pumpyansky, on the eve of the conclusion of the agreement the company held a large-scale work that helped create a clear roadmap of the project. The total contract amount of about 190 million. Euro. The agreement underlines the readiness of the Russian and Cuban participants in the project in stages to create the conditions for updating the locomotive fleet of the Republic of Cuba.
Share on:
