The Government of the Republic of Moldova has approved the reorganisation of State Enterprise Calea Ferată din Moldova (CFM), creating a new joint stock company, Moldova Railways – Passengers and Freight (Calea Ferată din Moldova – Pasageri și Marfă), with 100% state ownership. The decision separates railway infrastructure management from passenger and freight transport activities.
Under the new structure, railway infrastructure — including tracks, stations, land and fixed installations — remains a public good managed by State Enterprise CFM. The newly established joint stock company will take over passenger and freight transport operations, along with the associated rolling stock, assets and obligations.
The Public Property Agency will act as the sole shareholder of Moldova Railways – Passengers and Freight and will coordinate the reorganisation process. Its responsibilities include approving the distribution balance sheet and the patrimonial transfer acts to ensure the protection of state assets and public interest.
The transfer of rights and obligations to the new company will be carried out exclusively on the basis of the approved distribution balance sheet. Only assets and liabilities directly linked to passenger and freight transport will be transferred, within the limits of the assets received. Infrastructure-related assets and obligations remain with State Enterprise CFM.
Liabilities will be allocated proportionally, depending on the activities and assets transferred. Obligations linked to refinancing agreements and external financing will be recorded separately, in line with legal requirements and subject to creditor consent, allowing ongoing investment projects to continue.
The government states that the separation of infrastructure and transport activities will allow clearer accounting of costs and revenues in rail operations and enable a more accurate assessment of economic performance. Passenger transport with a social function will continue to be supported through targeted public funding, while freight and passenger operations are managed separately from infrastructure costs.
The reorganisation is based on the Railway Transport Code and commitments undertaken by Moldova with development partners.