ARP estimates PKP restructuring will cost $1 billion

The Industrial Development Agency (ARP) is preparing to participate in the restructuring of Polish State Railways (PKP). In the opinion of ARP president Arkadiusz Krezel $1 billion will be needed for the project. The money will be raised by issuing PKP bonds guaranteed by the Treasury Ministry. The project will last three years and at least 60,000 employees will be laid off. ARP finished 1999 with a profit of zl. 35 million, which was zl. 23 million lower than in 1998. "In 1998 we sold many shares and in the previous year we invested in new restructuring programs," said Krezel. ARP plans to sell five to six companies from its portfolio this year. (Puls Biznesu, page 9) M.M.