Russian National Wealth Fund to provide new locomotives in Russia
Published: Tue, 2015-03-24 10:25The Russian National Wealth Fund (NWF), Russia's sovereign wealth fund, plans to provide up to 60.2 billion rubles (US$1,3 billion) to the Russian national rail carrier RZD for the purchase of new locomotives in 2015, according to Russia’s Transport Minister Maxim Sokolov.
The funds will be used for the purchase of 254 new electric and 230 dieasel locomotives. Of these, 351 locomotives will be supplied by Transmashholding" (TMH), while the remaining by Sinara, one of Russia’s leading industrial companies.
The funds from NWF should be provided to RZD through the capitalization of VTB, one of Russia’s largest banks, which will buy infrastructure bonds of the company.