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Latino Daily News

Sunday January 13, 2013

Spanish Firm Looks to Invest in Uruguayan Rail Network

Spanish Firm Looks to Invest in Uruguayan Rail Network

Photo: Eusko Tren

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Spanish railway operator Eusko Tren has confirmed its interest in investing in Uruguay and presented a plan to Uruguayan President Jose Mujica, the press reported Sunday, citing company executives.

The state-owned firm presented a proposal to the Office of the President that calls for creating a consortium of Spanish and Uruguayan companies for “investing in the country’s national freight network,” Eusko Tren CEO Javier Cruz told the Montevideo daily El Pais.

Eusko Tren offered Uruguay’s government “different alternatives” for the “modernization and revitalization of the national railway network, in accordance with the country’s preferences and possibilities,” Cruz said.

Uruguayan State Railroad Administration, or AFE, chief Jorge Setelich told Efe on Nov. 15 that Eusko Tren had “meetings with various Uruguayan officials” in recent months, and meetings were also held with union leaders, with a draft investment plan presented.

The proposal presented by the Basque company calls for a “strategic partnership” and includes an “initial important investment for infrastructure,” Setelich said, without providing details on the amount of money being discussed.

The AFE has also received proposals from companies based in China, South Korea and Brazil for partnerships or direct investments in the railway network.