Ukraine's state-owned railway monopoly Ukrzaliznytsia is going to spend up to $6bn in capital investment in 2017-2022, according to the company's development strategy presented by the monopoly's acting head Yevhen Kravtsov on September 11.

Ukrzaliznytsia intends to allocate $1.8bn for infrastructure development, around $3.2bn will be spent on new rolling stock, and $700mn on modernisation of rolling stock, according to Interfax news agency.

Specifically, the the company will purchase 163 locomotives in five years and 362 locomotives are to be modernised (an investment worth $1.33bn). Ukrzaliznytsia will also buy 15,753 freight wagons, while 46,028 freight wagons will undergo modernisation ($848mn). The monopoly will buy 419 passenger cars and modernise 799 passenger cars ($466mn). The company will also purchase 10 and modernise 326 sections of electric trains ($516mn).

Ukrzaliznytsia's unadjusted Ebitda jumped by 17% year-on-year to UAH10.3bn (€338mn) in January-June, according to the company's abridged unaudited interim report. The monopoly also reported a 15% y/y increase in net revenue, to UAH35.3bn in the first half of the year.

On August 8, Wojciech Balczun, a Polish citizen appointed in 2016 to head up Ukrzaliznytsia, has submitted his resignation from the post citing a "negative PR-campaign and even sabotage" against him. The Ukrainin cabinet later appointed the new acting CEO of the company. 

Balczun was appointed in a move broadly welcomed by investors to reform the notoriously corrupt and inefficient company, was in conflict with the infrastructure minister, Volodymyr Omelyan, who criticised his performance