Photo from UNIAN
Ukrzaliznytsia plans to spend UAH 26.9 billion ($1 billion) on capital investment in 2018.
Ukraine's railways operator, state-run JSC Ukrzaliznytsia, tripled investment in the first quarter of 2018 (Q1) year-over-year (y-o-y), to UAH 3.869 billion (US$147.5 million).
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"Capital investment of Ukrzaliznytsia was estimated at UAH 3.869 billion in the first quarter of 2018. The major part of funds, that is UAH 2.43 billion, accounting for almost 63%, was spent on the acquisition of fixed assets, UAH 524 million (13.5%) on capital construction, UAH 497 million (12.9%) on the modernization of fixed assets, and UAH 314 million (8.1%) on major overhauls," the company's press service said.
Acting CEO of Ukrzaliznytsia Yevhen Kravtsov noted the company in Q1 2018 exceeded its capital investment plan by 20%.
"Some UAH 1.3 billion was paid to the largest national counterparties for capital expenditure in the first quarter of 2018. According to experts, this provides for 1,200 jobs in the Ukrainian economy. Capital investment over this period more than tripled in the first quarter of 2017," Kravtsov said.
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The most ambitious infrastructure projects implemented by the company today were the construction of the Beskidy Tunnel, the reconstruction of railway tracks, the electrification of the Potoky - Zolotnyshyne, Kovel - Izov - the State Border railway lines, as well as the increase in the capacity of the Polohy - Komysh-Zorya railway.
As UNIAN reported, Kravtsov earlier announced his company planned to invest $5.864 billion in capital investment in the development of infrastructure and modernization of rolling stock within five years.
According to the financial plan for 2018, Ukrzaliznytsia plans to spend UAH 26.9 billion ($1 billion) on capital investment, which accounts for 46.5% of the need.