Ukraine Railway Eurobonds (EBRD-50833)

  • Ukraine
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 24, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Ukrainian Railways PJSC
The holder of the loan, grant, or other investment.
  • Construction
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 600.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Apr 10, 2020

Disclosed by Bank Sep 12, 2019

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Project Description

According to the Bank's website, this project finances the rehabilitation of priority railway lines on the Trans-European Transport Network corridors within Ukraine. 

Investment Description
  • European Bank for Reconstruction and Development (EBRD)

In addition to the EBRD financing, the amount includes proceeds from the initial public issuance of USD 500 million that took place on 1 July 2019. The proceeds are used for UZ balance sheet optimisation, capital expenditure and working capital financing.

Private Actors
Private Actors Description

Ukrainian Railways PJSC is a vertically-integrated railway company fully owned by the government of Ukraine. The Company was established as a public joint stock company in October 2015, via reorganisation of the former State Administration for Railway Transport of Ukraine, as part of the ongoing railway sector reform.

Issuance of the Eurobonds is carried by Rail Capital Markets PLC, a public limited company incorporated under the laws of the United Kingdom. The Issuer will on-lend the proceeds of the issuance to UZ.

Contact Information

Mr. Andriy Fedoseev, Acting Investment Policy Director
+380 44 465 1401
Tverska (Yezhy Giedroytsya) Str. 5, Kyiv, 03150, Ukraine


The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at or you can submit a complaint online using an online form, You can learn more about the PCM and how to file a complaint at