Financial Daily from THE HINDU group of publications
Tuesday, Dec 30, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 30, 2003 |
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Logistics
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Railways $350-million ADB loan for railway projects Our Bureau
Chingleput , Dec. 29 THE Asian Development Bank has provided $350 million loan assistance to the Railway Ministry to carry out various projects in the country, Mr Nitish Kumar, Railway Minister, said while participating at a function here today. Meanwhile, the Ministry is exploring various options to raise money, including through borrowings from the domestic and external markets for various projects. It requires Rs 44,000 crore for 233 projects. However, the annual budgetary allocation to the Ministry was about Rs 2,300 crore. "We are taking steps to ensure that the pending projects are completed in a time bound period of 8 to 10 years," he said. The projects include converting metre gauge railway lines to broad gauge, electrification and doubling of lines. According to Mr Kumar, additional funds are required for the National Rail Vikas Yojana, to enable the Railways meet the growing demand for transporting goods and people. The Rail Vikas Nigam Ltd, the special purpose vehicle, will oversee and execute National Rail Vikas Yojana at a cost of Rs 15,000 crore. This is to strengthen the rail link between the four metros, their diagonals and the ports with four mega bridges across the Ganga, Kosi and Brahmaputra.
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