€40m EIB loan to support rolling stock upgrade in Hungary
Posted: 19 July 2016 | Katie Sadler, Digital Content Producer, Global Railway Review | No comments yet
The European Investment Bank (EIB) is to provide a €40 million loan to Hungary’s Railway Company GySEV (Gyor-Sopron-Ebenfurti Vasut Zrt) to finance new rolling stock and introduce safety improvements.
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The €40 million loan will help provide higher quality railway services on the Austrian-Hungarian cross-border railway network along the strategic trans-European transport corridor.
EIB loan to replaces less efficient locomotives
The rolling stock acquisition comprises of nine new locomotives and five Electric Multiple Units to expand and renew GySEV’s existing fleet by replacing less efficient and less environmentally friendly locomotives. In addition, this will help meet existing transport demands and cater for future capacity needs. Vehicle operating costs will also be reduced as well as pollutants and greenhouse emissions.
“The EIB loan will help to improve the efficiency of the railway infrastructure along a key cross-border axis”
Mr László Baranyay, EIB Vice-President responsible for lending in Central Europe, stated: “The EIB loan will help to improve the efficiency of the railway infrastructure along a key cross-border axis between Hungary and Austria while strengthening the competitiveness and increasing the attractiveness of a more sustainable means of passenger and freight transport”.