Moscow, Russia, June 17, 2010—IFC,
a member of the World Bank Group, is providing Globaltrans, the largest
privately owned freight rail transportation group operating in Russia,
with a $30 million loan to partially finance expansion of the group’s
rolling stock fleet, addressing the growing demand for freight rail transportation
services and supporting economic growth.
The loan will contribute to the development
of Russia’s railway sector and help to sustain its competitiveness.
Rashad Kaldany, IFC Vice President for
Asia, Eastern Europe, Middle East and North Africa, said, “We are very
pleased to continue supporting our long-term strategic partner, Globaltrans,
to aid the development of rail freight transportation infrastructure, which
is extremely important for economic recovery and growth in Russia. Through
this project, we will not only expand supply of transportation services,
but also support employment and production capacity at railcar manufacturers
in Russia and neighboring countries.”
Sergey Maltsev, Chief Executive Officer
of Globaltrans, said, “We are pleased to take this new step in our partnership
with IFC. This transaction represents a vote of confidence from IFC
in Globaltrans and sets a positive precedent for future investments in
This is IFC’s second loan to Globaltrans.
In 2003, IFC extended $40 million of debt financing to support expansion
of the group’s oil tank car and locomotive fleets.
Infrastructure is one of IFC’s priority
sectors in Russia, with a current investment portfolio of over $200 million
in 12 projects.
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing capital for private enterprise,
and providing advisory and risk mitigation services to businesses and governments.
Our new investments totaled $14.5 billion in fiscal 2009, helping channel
capital into developing countries during the financial crisis. For more
information, visit www.ifc.org
Globaltrans is the largest privately
owned freight rail transportation group in Russia by size of rolling stock
fleet, and the first and only such group to have an international listing.
The group provides freight rail transportation, railcar leasing, and ancillary
services to more than 450 clients in Russia, CIS countries, and the Baltic
states. Globaltrans' global depositary receipts have been listed on the
Main Market of the London Stock Exchange under the ticker GLTR since May
2008. For more information, visit www.globaltrans.com.