Dmitri Olegovich, how would you evaluate investment climate in Russia?
It is obvious that Russian market is attractive, and the main reason for this is the economic growth. Transportation industry is emerging; machinery building industry has recovered over the last three years. In general I evaluate investment climate as positive. As a leasing company we have invested about 150 mln USD in existing fleet. We signed a contract on gaining a syndicated loan of 350 mln USD for 5 years in March 2006. Syndication has been secured by HypoVereinsbank. Loan will follow in 2 tranches: 200 mln and 150 mln USD. At the same time Brunswick Rail is planning on attracting an additional loan of 37.5 mln USD from IFC. This proofs that western banks and creditors evaluate situation in Russia as positive both in general and in railway industry in particular. What sources of funds do you draw? So-called operating leasing is a quite popular scheme of capital assets renewal. It is confirmed by North-American, Western and Eastern Europe models. Initially such projects are sponsor
