Russian Railways and the European Bank for Reconstruction and Development have signed a memorandum of understanding and cooperation to modernize railways and related infrastructure in Russia.
Based on public-private partnerships, the two parties intend to cooperate on the development of high-speed transportation infrastructure projects, including modernizing railway stations and updating transportation and logistics activities. The memorandum was signed by Vladimir Yakunin, president of Russian Railways, and Suma Chakrabarti, EBRD president, at the St. Petersburg International Economic Forum in Russia.
Separately, Russian Railways and the Bank for Development and Foreign Economic Affairs State Corp. have teamed up for export and investment projects in foreign countries.
The agreement aims at the production and implementation of high-tech industrial products, manufactured in Russia and strengthening the competitiveness of Russian organizations in the global market. It was signed by Yakunin and Vladimir Dmitriev, chairman of Vnesheconombank at the St. Petersburg International Economic Forum.
In addition, Russian Railways International, a subsidiary of Russian Railways, and Serbian Railways have signed an additional agreement under a current contract for construction of railway infrastructure and the supply of diesel trains to Serbia.
The extra deal concerns the construction of a second, 15-kilometer (about 9.3-mile) electrified railway track on the Belgrade-Pančevo line in Serbia in order to boost capacity. It was signed by Sergei Pavlov, managing director of Russian Railways International, and Dragoljub Simonović, chairman of the board of directors and managing general of Serbian Railways, in Belgrade, Serbia. Work is expected to begin in mid-October 2013.