Russian President Vladimir Putin, right, and Russian Railways (RZD) President Vladimir Yakunin, left, inspect the railway vehicles test centre in Shcherbinka, the Moscow Region of Russia.
Photo: Dmitry Azarov
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Russian Railways to Be Content with Hundredth of GDP
Russia’s President Vladimir Putin promised yesterday to appropriate budget money for funding development of Russian Railways (RZD). According to the latter, it is necessary to spend roughly 10 trillion rubles till 2030 and the company is able to provide no more than 5.3 trillion rubles of required amount. The government will have to annually allocate around 1 percent of GDP, i.e. 5 percent of all funds invested in Russia, to boost the railways.
Yesterday, Russia’s President Vladimir Putin hosted a meeting on developing the railway industry till 2030. The event was attended by Prime Minister Mikhail Fradkov, RZD President Vladimir Yakunin, Chief of President’s Administration Sergey Sobyanin, President’s Aide Igor Shuvalov, Chief of President’s Expert Department Arkady Dvorkovich, Economic Development Minister German Gref and Transport Minister Igor Levitin.
“First of all, it is necessary to ensure attracting material investments to the industry,” Vladimir Putin made clear Tuesday. “The reform couldn’t be executed only for RZD’s account… The company won’t be able to attract the required resources even with adjustments in … the current railway rates.”
One of the sources could be the money of Investment Fund, which should be specially reinforced for this purpose, the president pointed out.
“The president highly appreciated vitality of railway structure and backed up the idea of its development, including for the state account,” Yakunin said by results of the meeting. For this purpose, roughly 10 trillion rubles should be spent by 2030, but Russia’s railway monopoly may provide only 5.3 trillion of the amount. The government will have to funnel the remainder and Prime Minister Mikhail Fradkov and Economic Development Minister German Gref have been committed to shape a respective program.
www.kommersant.com
All the Article in Russian as of Apr. 11, 2007
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