KfW IPEX-Bank finances upgrading of the Croatian railway

KfW IPEX-Bank is financing the upgrading of the Croatian railway
line between Zagreb and Split. In Zagreb Friday, the Croatian
Minister of Finance, Ivan Suker, and Christian Murach, managing
director at KfW IPEX-Bank, signed a financing agreement worth EUR
37.5 million for signalling equipment and track material (new
sleepers and rails) to be supplied by MAN Ferrostaal. The project is
part of a comprehensive procurement programme aimed at upgrading the
Croatian railway; it includes investment in rolling stock and track
rehabilitation. Since 2003 KfW IPEX-Bank has provided the Croatian
railway with a total of around EUR 180 million in loans to finance
the upgrade.

At the signing ceremony, Murach stressed the good cooperation with
the Croatian partners and the key importance of the transaction for
the development of the Croatian railway: "Signing this contract is a
further important milestone in our cooperation with Croatia. The
extension of the pan-European railway network will make an important
contribution to the development of the infrastructure in Croatia and
thus to the basis for economic growth in south-eastern Europe."

Upgrading the line between Zagreb and Split, which is a
particularly important section of the Croatian railway system, is
intended to reduce travel times between the two cities from 7.5 hours
at present to 5 hours. In addition, the security features will be
brought into line with current international standards.

About KfW IPEX-Bank
Within KfW Bankengruppe KfW IPEX-Bank provides project and
corporate finance as well as trade and export finance in Germany and
abroad. Worldwide it conducts all market activities of KfW
Bankengruppe that are carried out on commercial terms. It has been
run as a legally dependent bank within KfW Bankengruppe since 1
January 2004 and on 1 January 2008 it will become a legally
independent subsidiary. In 2005 KfW IPEX-Bank made new commitments
totalling EUR 12.1 billion. It has Representative Offices in London,
New York, São Paulo, Bangkok, Beijing, Istanbul and Moscow.

Originaltext: KfW
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