The acquisition of new rolling stock and upgrading of existing vehicles is part of the company's investment programme for the next three years.

PKP Cargo and its subsidiaries operate a fleet of 2459 locomotives and 63,488 wagons.

"It's worth noting that this is the first loan in the history of Polish railways to be granted without Treasury collateral, which shows that we are reliable business partner and confirms our excellent financial situation," says Mr Adam Purwin, PKP board member for finance.

PKP Cargo is currently being part-privatised through an Initial Public Offering on the Warsaw stock exchange.