EIB grants €40 mln loan to PKP Cargo

The European Investment Bank (EIB) has signed a deal to grant an investment loan of up to €40 million to freight carrier PKP Cargo, the company informed in a statement. The funds will be used to purchase multisystem locomotives. The loan will be available within 48 months from the date of signing the deal. In mid-November 2015, PKP Cargo applied for a €40 million loan from the EIB to finance the purchase of Siemens locomotives. The total value of the investment was estimated at €80 million. "We need multisystem locomotives to transport commodities across borders, not in political terms, but rather in terms of countries with different power supply systems, so that we can transport goods, for instance, from Poland to Italy, through the Czech Republic and Austria," said Jacek Neska, board member at PKP Cargo, in November. The investment is seen as part of the company's foreign expansion.