VEB successfully closes a deal for financing a project to upgrade Budapest Metro cars and returns the principal amount to the National Wealth Fund
Metrovagonmash (part of Transmashholding) has repaid a loan issued by Vnesheconombank to upgrade the rolling stock of the Budapest Metro (Hungary). The RUB3bn credit facility for the upgrade of 222 metro cars in the Hungarian capital was extended by VEB to Metrovagonmash in 2016. The loan was initially funded from the deposits of the National Wealth Fund with VEB. The loan has been fully repaid, and the principal fully returned to the National Wealth Fund.
“As part of this project, VEB has for the first time mobilised the deposits of the National Wealth Fund to support high-tech Russian exports. The use of these funds has enabled the Bank to significantly reduce the lending rate. This result has become possible through a large-scale joint effort by VEB, the Russian Ministry of Finance, and the Treasury of Russia. This initiative has become a highlight event for the transport machine building and helped the Russian manufacturer enter the highly competitive European market,” underlined First Chairman Deputy at Vnesheconombank and Member of the Management Board, Nikolay Tsekhomskiy.
The upgrade of the Budapest Metro cars has been performed at Metrovagonmash, including full refurbishment of passenger compartments, interiors, operator cabins, and control panels. Car trucks have been replaced with new ones, with advanced design frames and extended service lives. Control, video surveillance, security, pneumatics, and brake systems have also been upgraded. Traction drive systems have been fully replaced. After the refurbishment, equipment maintenance and repair costs will decrease by at least 20%, with power consumption reduced, and the railcars’ service lives extended by 25 years.
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