USD 6 Billion Needed Annually to Develop Russian Rail Transport

USD 6 billion are needed annually to develop Russian rail transport. As a Rosbalt correspondent reports, this was announced by Russian Railway Minister Gennady Fadeyev today at a round-table discussion 'How to attract investment in rail transport reform'. According to Mr Fadeyev the sum needed this year is about USD 3 billion although in 2003 this may increase to USD 4.4 billion.

The minister emphasised that more than 90% of this money will be provided by federal rail enterprises from their depreciation funds. Mr Fadeyev said that in order to obtain the necessary investment it is essential to attract all potential investors including private investors. The minister also believes that the government should support investment projects. At the present time the only financial assistance from the government is USD 570,000 from the 2003 federal budget which is to finance certain investment projects.