Banks vying to supply 56m euros to CFR

Eight banks have submitted financing bids for importing 21 Desiro self-propelled trains from Germany, trains known as the “Blue Arrow” in Romania and worth approximately 56.5 million euros, CFR Calatori (national passenger railway carrier) sources say. The company in 2001 signed a 320 million-euro deal with German industrial group Siemens to purchase trains. This is the biggest contract in the Romanian railway industry after 1990. The contract has Siemens supplying 57 Desiro self-propelled trains from Germany, while another 63 are supposed to be assembled by Astra Vagoane Arad in Romania. “Those that submitted financing bids are ING, HVB, Deutsche Bank, SocGen, Paribas, Raiffeisen Bank, ABN Amro and Citibank. Out of the total financing, about 70% is secured by the German export credit agency Hermes, while the rest is a commercial loan. The bids are still under consideration by the Ministry (of Transports, Constructions and Tourism i.e.), given that the Finance Ministry has a say in that, too, as the loan is state-secured,” sources close to the talks told Ziarul Financiar. ZF