International and national development institutes join efforts to support the economies of Russia and Mongolia: IBEC has funded the development of Mongolia's railway infrastructure by attracting tied funding from Roseximbank JSC
International Bank for Economic Co-operation has provided a targeted loan to the Ulaanbataar Railway (UBTZ) for the purchase of locomotives produced by the Russian Transmashholding JSC. Tied financing for a period of 11 years from Roseximbank JSC with the insurance coverage by EXIAR, successfully attracted in June 2020, allowed the Bank to implement the transaction with the maximum efficiency. This complexly structured financial transaction totaling EUR 40 million ensures the implementation of a long-term investment program to modernize the Mongolian railway infrastructure. Target loan also contributes to an increase in exports from Russia – the purchased main freight two-section diesel locomotives meet the latest environmental and safety requirements for such types of equipment. Read more
