September 21, 2018

EBRD lends CFR EUR 175 mln

The EBRD is lending EUR 175 million to Romania’s Compania Națională de Căi Ferate (CFR) to enable the company to restructure its balance sheet by repaying its short-term liabilities. According to EBRD, the loan will free money for vital investments and maintenance works aimed at improving the quality of the railway network. The EBRD loan is linked to CFR reform plans – to improve corporate governance and the quality of rail infrastructure and services – and will help to put the company on a more sustainable footing,” said Jean Marc Peterschmitt, managing director for Central and South Eastern Europe at the EBRD. “Our financing aims to allow CFR to focus on investments for development.” The loan is to be disbursed in two tranches linked to concrete reform measures and will specifically support corporate governance reforms which complement and reinforce the measures promoted by the IMF. The bank’s loan will also finance an independent review of the railway operator’s current practices and will assist in developing a detailed restructuring action plan – a key element of the EBRD-supported reforms.

Source: Business-Review () Taking a global approach to educationnow that your classroom, your school, your parents and your colleagues are all on edmodo this year we challenge you to break down the walls even further and take a global approach to education

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