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Kazakhstan and France to jointly produce electric locomotives

28 august 2012, 14:27
0
Photo courtesy of Kazakhstan Temir Zholy©
Photo courtesy of Kazakhstan Temir Zholy©
Kazakhstan and France will start joint production of electric locomotives, Panorama newspaper writes.

Locomotive company, a branch of Kazakhstan Temir Zholy, signed a deal with French export agency COFACE. According to chairman of HSBC Bank Kazakhstan Lars Rejding, Locomotive will get an opportunity to attract 10-year funds under COFACE coverage.



“HSBC is the lead manager of the offering of $800 million Eurobonds for Kazakhstan Temir Zholy. The placement period is 30 years. Both by the size and the period, this offering is the largest transaction in CIS (Commonwealth of Independent States) and Eastern Europe. There was only one such placement in history. If I’m not mistaken, it was Russia's Gazprom,” Rejding said.



According to him, this Locomotive's the transaction made it possible for the company to sign a framework agreement for attraction of an export loan of up to $1 billion. This is the first major deal for COFACE after the economic crisis when many export agencies suspended coverage for export operations to developing markets.



“Another deal that has to be mentioned is that we have attracted $73 million in funding for Locomotive for procurement of locomotives from China. The deal is guaranteed by a Chinese export-loan agency. This was one of the conditions of the financing and it was the first time it has been made in such format,” chairman of HSBC Bank Kazakhstan added.




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