The Hindu : World Bank aid for mega railway projects

Online edition of India's National Newspaper
Wednesday, Mar 19, 2003

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World Bank aid for mega railway projects

By Our Special Correspondent

NEW DELHI MARCH 18. The Railway Ministry has started negotiations with the World Bank for funding mega bridges and other National Rail Vikas Yojana projects. The Bank has accepted the Railways' reform agenda.

As indicated by the Railway Minister, Nitish Kumar, in his budget speech, an Asian Development Bank loan amounting to Rs.1,500 crores has been tied up.

It has also indicated the possibility of considering the second and third loans during 2006 and 2008.

In addition, another Rs.1,500 crores is expected as Gross Budgetary Support (GBS). Added to these, the special purpose vehicle umbrella company formed in January 2003, Rail Vikas Nigam, will work out fundings from other sources including the capital market.

The NRVY is an important non-budgetary initiative for the development of the Railways. The scheme aims at removing all the capacity bottlenecks in the critical sections of the railway network at an investment of Rs.15,000 crores over the next five years.

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World Bank aid for mega railway projects