The European Bank of Reconstruction and Development and a group of international banks are providing a $300mn syndicated financial package to the national railway operator Kazakhstan Temir Zholy (KTZ). The package includes a $150mn loan from the EBRD and $150mn from a syndicate of commercial banks comprising Citibank, Muzuho Bank, Societe Generale, Sumitomu Mitsui Banking Corp and the Bank of Tokyo-Mitsubishi.
The funds will be used to refinance KTZ's Eurobonds. At the same time, as part of the project, the EBRD will engage with KTZ on tariff system reform and the ongoing business transformation of the company. KZT, in turn, will continue to implement sustainable energy technologies.
KTZ is a national railway company which manages railway infrastructure and operates freight and a large share of passenger train services.
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