China: The Japanese government has announced an aid package that includes ´17bn largely earmarked for rail projects.

Europe: Eurotunnel is supporting a tender launched by Dresdner Kleinwort Benson and Merrill Lynch on October 12, whereby Eurotunnel junior debt trading on the secondary market will be purchased with funds from an issue of rate-listed bonds.

India: Indian Railways has signed a memorandum of understanding with Karnataka state government to form Rail Infrastructure Development Corp (Karnataka) Ltd. This would fund the construction of a new line from Hubli to Ankola for Rs9·9bn, plus doubling Guntakal - Hospet (Rs1·6bn) and gauge conversion of Solapur - Gadag and Hassan - Mangalore (Rs4·8bn).

Pakistan: The government has allocated Rs44bn to a five-year spending programme for Pakistan Railways. Rs40bn is to be spent on the purchase of 70 locomotives and 350 coaches, with Rs4bn allocated to emergency repairs and spare parts.

Romania: The Ministry of Finance has agreed to guarantee a US$100m loan from the Japanese Bank for International Co-operation which will be used to rebuild 65 diesel locos. Tenders are to be called for the work, which is likely to involve both Romanian and overseas suppliers.

Spain: Basque metre gauge operator Euskotren is to raise Pts1·2bn through a capital issue. This will provide funding for infrastructure projects, service enhancements and maintenance programmes.

Taiwan: A total of 25 domestic banks are to lend Taiwan High Speed Rail Corp NT$70bn to fund the purchase of rolling stock and other electrical and mechanical equipment worth NT$95bn. THSRC was unable to agree export credit terms with potential lenders from Japan.

Thailand: Tanayong is to buy back 236million shares in Bangkok Mass Transit System from Credit Suisse First Boston and CTF Resources Ltd, who will respectively retain an 11·43% and 11% stake in the company. Paid-up capital is 12·15bn baht, with Tanayong and Rictor Assets each holding 20·44% and Italian-Thai Development 10·54%.

USA: The Dallas Area Rapid Transit board has approved a budget of US$687·2m for 2001, including $421·8m of capital spending and $257·8m for operations.