Geneva, Switzerland (PressExposure) May 28, 2009 -- The Slovak Republic Railways (Å½eleznice Slovenskej republiky, Å½SR) contracted SGS to supervise the modernization of the railway track from Piestany to Nove Mesto nad Vahom. The entire value of this project, funded by the European Union (EU) Cohesion Fund and the Slovak Republic, was EUR 180 Million.
The project involved the construction and reconstruction of a 19,980 km railway track to increase the track speed limit up to 160 km/h. Bridges, overpasses, underpasses with passenger tunnels and noise barriers for the protection of inhabited areas were also built.
To ensure optimized rail traffic, the railway stations on the track were modernized. Furthermore the overall renewal of the rail sub-base and structure, i.e. setting a new gravel bed, as well as assembling new rails and switches was inevitable.
The most important part of the process was providing the track with a new power supply station and a complete communication system with two switchboards, along with the replacement of all the old trolleys with modern ones.
The main project requirement was to take over the project finance technical advisor (http://www.projectfinance.sgs.com/projectfinance/services__projectfinance.htm) role, to ensure all construction work was carried out in accordance with FIDIC conditions, as well as with Slovak legislation, regulations and standards. Projects, those funded by the European Union need to meet certain criteria. SGS provided not only construction site supervision and project documentation review to ensure the fulfillment of these strict parameters, but with additional project finance services kept financial control over the project.
SGS Project Finance Services offers risk management solutions for banks, equity funds, sponsors and investors, ensuring the project success with specialist technical advice and information at all stages of the project finance lifecycle.
SGS SA â Project Finance Services 1 Place des Alpes 1211 Geneva Switzerland
t: +41 22 739 9111 f: +41 22 739 9848