Home / Business Intelligence / GySEV agrees EUR 40m EIB loan for new rolling stock acquisition

GySEV agrees EUR 40m EIB loan for new rolling stock acquisition

mav_gysev_flirt_forghely_20141015_rb_1000x700The European Investment Bank (EIB) is lending EUR 40 million to Hungary’s Railway Company GySEV (Gyor-Sopron-Ebenfurti Vasut Zrt) to finance the purchase of new rolling stock and introduce safety improvements. This will help to provide higher quality railway services on the Austrian-Hungarian cross-border railway network along the strategic trans-European transport corridor.

The rolling stock acquisition comprises 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. This will better meet existing transport demands and cater for future capacity needs. It will also generate benefits by reducing vehicle operating costs, road accident losses and pollutant and greenhouse emissions.

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”.

GySEV is the recipient of the EIB loan and the project promoter. It is a strategically significant cross-border regional railway company that has operated as a regional railway operator and infrastructure manager without interruption since its foundation in 1872 under the Austro-Hungarian Empire.

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