Ukrainian Railways, General Electric sign $1 billion contract on procuring locomotives

Source : 112 Ukraine

The President of Ukraine believes that the Ukrainian Railways have been under-financed for years
16:49, 23 February 2018

Ukrainian Railways press service

State enterprise Ukrainian Railways has signed a $1 billion contract with General Electric Transportation for procuring and localizing locomotives, as President Petro Poroshenko said in a briefing today.

“I have invited  General Electric, one of the biggest companies in the world, to enter the investment council to the President of Ukraine. This invitation was accepted with pleasure. We agreed to show how in little time we will develop the contracts of cooperation between  Ukrainian Railways and General Electric,” he said.

Poroshenko noted that the Ukrainian Railways have been under-financed for many years which was a big constraining factor in developing the country’s economy. 

“A contract for $1 billion was drawn up very fas. It envisages both delivery of locomotives, production with a gradual increase in localization and modernization of present locomotives,” Poroshenko said.

He also noted that at the primary stage, Ukrainian bank structures will be actively involved in the activity, while on the later stage, these will be U.S. banks.

The negotiations with General Electric started on Oct. 3 with the meeting between Ukrainian President Petro Poroshenko and CEO of General Electric Transportation Jamie Miller

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