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Finance

01 Apr 2002

Brazil: The federal government has allocated US$57·2m for investment in railway projects this year, including US$16·8m for construction of the North-South Railway which is to be let to a private operator upon completion. New alignments to eliminate level crossings in the cities of Campo Grande and Curitiba have been allocated $6·9m and $9·6m respectively.

Bulgaria: The European Union is to provide €153m of the €340m cost of electrifying and upgrading Corridor 4 between Plovdiv and Svilengrad by the end of 2006.

Egypt: The French government has agreed to provide €48·8m towards the refurbishment of rolling stock and upgrading of Cairo metro Line 1.

Europe: A commercial court in Paris has said it is not competent to decide whether SNCF, Eurostar and EWS have breached the 1987 Railway Usage Agreement by unilaterally reducing the contribution that they had previously been making towards Eurotunnel's operating costs. During 2001 the railways paid £211m for use of the Channel Tunnel.

France: RFFhas issued 50-year bonds in sterling worth £175m. SNCF has also launched a sterling issue worth £350m that will mature in 2027.

New Zealand: On February 20 Canadian National sold its 23·7% stake in Tranz Rail Holdings Ltd for NZ$106·2m.

Turkey: Under a memorandum of understanding signed on February 20, Spain is to provide US$200m of government credit and US$200m of export credit for rehabilitation work on the Ankara - Istanbul route.

United Kingdom: On March 5 Scotland's Minister for Enterprise, Transport & Lifelong Learning Wendy Alexander offered to fund studies for a light rail line serving West Edinburgh.

USA: Governor Gray Davies has allocated $8·5m for the California High Speed Rail Commission, to fund the completion of an environmental impact report into the proposed 1126 km network by June 2003.