Latvia secures finance for loco modernisation
TINNews
LATVIAN Railways (LZD) has agreed a 12-year €22.8m loan agreement with the Nordic Investment Bank (NIB) for modernisation of its fleet of 14 2M62UM diesel locomotives.
Work on the project began in 2015 and the financial agreement covers the repair and renewal of locomotive engines, electrical equipment as well as other components.
Modernisation will enable the locomotives to meet Euro III
A requirements and extend their life for 30 years. It will also improve operating capacity by 50% and reduce fuel consumption by 17%, which overall equates to 15,000 tonnes of CO2 per year.
Work on the project will be completed in 2018