The World Bank and the Indian Railways would work together to create a Railway Development Fund that will partly finance the USD 142 billion investment plans for the core transport infrastructure sector.
“Our idea is to get part of this plan funded by multilateral bodies and the World Bank that has global experience and access to technology is a good partner,” Railway Minister Suresh Prabhu said.
The Minister said the size and nature of the fund was still under discussion and a formal announcement would follow soon.
“This fund would be kick-started soon as there is unanimity in the World Bank leadership. The IFC could help the Indian Railways to monetize its huge assets. Globally, railways get 30-40% of their income from non-railway operations. In India, it is not even 2%.,” the Minister said.
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