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OAO RZD Cuts Investment Program

October 2008.

Russian Railways has decided to cut its investment program for 2009 by RUB 50bn (approx. USD 1.83bn), the company's chief Vladimir Yakunin told journalists today, referring to the results of the board of directors' meeting.

He reiterated that the program had originally been expected to amount to some RUB 480bn (approx. USD 17.6bn) and said that Russian Railways intended to borrow RUB 150bn (approx. USD 5.48bn) in 2009. The company will be taking out these loans while also implementing its projects, Yakunin explained. He added that the company had already put forward a proposal to issue infrastructure bonds and secure loans from the Bank for Development and Foreign Economic Affairs (Vnesheconombank) and VTB.

Yakunin also noted that Russian Railways was currently in talks with government bodies which declared their intention to support major Russian companies' investment programs, reports RBC.



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