Bulgaria: BDZ-EAD has proposed floating a limited issue of shares on the Bulgarian Stock Exchange in order to raise capital to fund its future development strategy now awaiting board approval (p162).

China: Kowloon - Canton Railway has launched a property development scheme at Wu Kai Sha on the recently-opened Ma On Shan line, which will help to recoup the HK$10bn cost of the route.

Europe: Reporting its 2004 results on January 26, Eurofima said the SFr3·4bn of equipment financing deals concluded in the year was the highest for five years, bringing its total assets to SFr29·2bn. Low interest rates led to a 5·9% fall in profit to SFr43·1m.

France: On January 19 CSFB and Goldman Sachs issued RFF bonds worth €750m, bringing the total issued since September 2003 to €2bn. The 5% bonds are due to be redeemed in October 2033.

Lorraine region has allocated €100m in its 2005 budget to boost the purchase of new rolling stock for regional services. Introduction of TER-2N NG EMUs will help bring the average age of the local fleet down from 27 to 17 years by 2007.

Israel: IR Chairman Moshe Leon announced in January that the railway planned to raise US$460m this year through its first bond issue. Bonds worth a total of US$1·5bn are envisaged to help fund the current five-year investment plan.

Netherlands: On January 26 Rotterdam City Council, the Greater Rotterdam region and the national government agreed to allocate €486m for reconstruction of the city’s main station by 2009 and double its capacity to 75 million passengers/year.

Romania: ABN Amro is to raise a €45m loan for the Ministry of Transport to fund the installation by Siemens of seven Simis W electronic interlockings at stations to the northwest of Bucuresti.

USA: Federal Transit Administror Jennifer L Dorn signed a Full Funding Grant Agreement with Valley Metro Rail on January 24, under which FTA will contribute $587m towards the $1·4bn cost of the initial 32·6 km light rail line in Phoenix.