World Bank will work with Indian Railways for the Railway Development Fund

January 2016, Economy

In Brief:

The Indian Railways would work together with the World Bank to create a Railway Development Fund that will partly finance the $142-billion investment plans for the core infrastructure sector. The Minister said the size and nature of the fund was still under discussion and a formal announcement would follow soon. Mr. Prabhu said the World Bank was likely to work with global pension funds, among others, to raise money for the new fund.

During his two-day visit to the U.S. capital, the Minister attended a World Bank meeting on transportation, interacted with business leaders at the U.S.–India Business Council (USIBC), met officials of the International Finance Corporation (IFC) and U.S. Transportation Secretary Anthony Renard Foxx.

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