The VEB.RF Group will provide Central Exurban Passenger Company (CEPC) with lease financing for six EP2D electric multiple units designed to carry passengers, composed of 11 carriages each and made by Demikhovo Engineering Works (part of Transmashholding).
Th total amount of financing will be 4.4 billion roubles.
The electric multiple units will be used by CEPC for its commuter rail services. This will enable old trains to be retired and replaced by modern rolling stock.
The passenger carriages are equipped with comfortable seats for long-distance commuters. Air conditioners and purifiers provide thermal comfort and acceptable air quality, which is especially important in winter.
EP2Ds meet the needs of passengers with disabilities. The carriages are outfitted with ramps and durable safety belts for wheelchairs.
“It is our conscious decision to pay particular attention to cooperation with the regions under the programmes to modernise urban public transit and replace commuter rail systems. Passenger flows, of course, are different everywhere; but this should not affect such socially significant projects. We have already started to finance this deal,” VEB.RF’s Deputy Chairman Artyom Dovlatov commented.
Economic Integration in Greater Eurasia VEB.RF’s Priority for SCO IBA Presidency
The RSK Bank of Kyrgyzstan handed over the presidency of the Interbank Association of the Shanghai Cooperation Organisation (SCO IBA) to VEB.RF.
By tradition, the presiding bank offers a substantive agenda to the partners and organises a business programme to share experience and best practices. Specifically, a seminar for the IBA members will take place on Day 0 of the Russian Investment Forum in Sochi in February 2020, and the BRICS and SCO Joint Financial Forum is scheduled for July 2020.
The agenda proposed by VEB.RF as the presiding bank features topics such as inclusive growth through financing for high-quality infrastructure, and strategic partnership to pursue together the UN Sustainable Development Goals. VEB.RF proposes that its partners should continue expanding the use of national currencies, update the database of joint projects, and find common risk assessment approaches. The agenda also includes discussions on the implementation of new financial instruments such as project financing guarantees.
VEB.RF’s presidency will pay particular attention to developing infrastructure and creating an advanced urban economy. Accelerating urban development is now a key driver of economic growth. VEB.RF is ready to share its expertise and discuss the partners’ experience in this area.
VEB.RF’s Chairman Igor Shuvalov said: “The presidency of the SCO IBA is an important mission for VEB.RF. We believe that our main task is to promote development in Greater Eurasia. It is also important to take into account all integration processes: the creation of the Eurasian Economic Community, the Belt and Road Initiative, and efforts of the Eurasian Development Bank, the New Development Bank and the Asian Infrastructure Investment Bank. Mutual trade and investment, along with joint projects, require closer financial cooperation. We will work together with our partners to contribute to creating a common economic space and developing top-tier infrastructure from the Pacific to the Atlantic.”
For information: The SCO’s Agreement on Interbank Cooperation (Association) was signed on 26 October 2005.
SCO IBA member banks: Development Bank of Kazakhstan, RSK Bank of Kyrgyzstan, China Development Bank, VEB.RF, Amonatbonk State Savings Bank of Tajikistan, National Bank of the Republic of Uzbekistan for Foreign Economic Activity, Habib Bank Limited (Pakistan), India Infrastructure Finance Company.
SCO IBA observers: Eurasian Development Bank, Belarusbank, Development Bank of Mongolia.