Earlier, on 28 May 2013, the companies signed a supply agreement for a total value of EUR 381,300,000. According to the agreement, the first delivery of carriages is expected in late 2014. Before the end of 2016, Stadler Bussnang AG will produce and deliver 25 trains. Gazprombank (OJSC) is financing the project for a period of 15 years and SERV Swiss Export Risk Insurance is providing the insurance cover. For the first time in Russian project financing practice, SERV has taken project risks in Russian national currency.
“The involvement of the SERV insurance agency in this project establishes a basis for the more efficient development of business processes and solves the issue of long-term exchange risks associated with the acquisition of foreign equipment and machines by Russian companies. This should spur the development of Russian transport and infrastructure projects aimed at improving passengers’ level of comfort and safety,” stated Alexey Belous, Vice-President and Head of the Project and Structured Financing, Gazprombank (OJSC).
The purchased rolling stock will be used to transport passengers between Belorussky, Kievsky, and Paveletsky Rail Terminals and Sheremetyevo, Vnukovo, and Domodedovo airports correspondingly.
The new trains will have a top speed of 160 km/h. Aeroexpress trains’ capacity will increase by 30–40% and the level of passenger comfort will be improved. The carriages will be made of light aluminium, making it possible to significantly decrease their weight compared to traditional railcars made of steel, while also reducing operating expenses.
The new trains will be put into operation in early 2015. Aeroexpress rolling stock in Moscow should be entirely upgraded by mid-2016.
Reference:
Gazprombank (Open Joint Stock Company) is one of the three largest Russian banks considering all indicators and is one of the three largest banks in Central and Western Europe according to its equity.
Moody's Investors Service, an international rating agency, has given Gazprombank the investment grade rating. Its foreign currency fixed deposits are rated Baa3 (stable prospect) and its long-term debt rating is Baa3. The Bank’s contractor long-term rating and long-term borrowings rating, as granted by Standard & Poor’s, are BBB (stable prospect). Fitch Ratings has granted Gazprombank a long-term issuer default rating of BBB. Its prospects are stable.
Gazprombank’s branch network includes 43 branches and three subsidiary Russian banks.
Gazprombank has equity holdings in three foreign banks, including Belgazprombank (Belarus), Areksimbank - Gaprombank Group, and Gazprombank (Switzerland) in Zurich (Switzerland).
SERV Swiss Export Risk Insurance covers the political and economic risks when exporting goods and services. The guarantees of SERV provide protection against non-payment, facilitate the financing of exports, and help companies to maintain their liquidity.
Stadler Bussnang AG is the largest Swiss manufacturer of railway vehicles. Stadler focuses mainly on the regional and commuter services segment, light rail transit, trams, and also the production of rack railway vehicles.