Station development project to attract $20 billion: Suresh Prabhu

New Delhi, Sep 28: Aiming at massive influx of funds in the coming months, Railway Minister Suresh Prabhu on Monday said the proposed station development project will attract about 20 billion USD in phases.

He said discussions are being held with World Bank for creating a fund of 30 billion USD to fund key rail infrastructure projects.

"I had discussion with World Bank MD Srimulyani Indirawati last week over possibility of creating 30 billion USD fund for infrastructure projects," Prabhu said at the CII function here.

He, however, declined to share the details of the proposed fund saying "the modalities are being worked out and will be announced later."

Railways has undertaken an ambitious scheme for development of 400 stations across the country. We want to develop 400 stations in a unique model and 15 to 20 billion USD are expected to be invested in it, Prabhu said.

He said all information will be on website and tenders will be invited with highest level of transparency. Exuding confidence that capital expenditure will exceed in the current fiscal, he said there are many ongoing projects like DFC, gauge conversation, doubling, safety upgradation which involves good investments.

We are putting consumer money like Coal India on expansion of rail line for coal evacuation. Port connectivity and DFC are two other areas where investments are happening, he said.

On LIC fund, he said the first trance of it will be released very soon. LIC has signed an MoU with railways committing investment of Rs 1.5 lakh crore in the next five years.

On ties with other countries, Prabhu said there will be collaboration with Japan and Korea for carrying out research on railways.

"Waterless and odourless toilets will be developed in collaboration with RDSO and Japan," he said.

PTI