Kanimahuli (Jharkhand): Railway Minister Nitish Kumar on January 12 said the Asian Development Bank (ADB) has agreed to lend $ 313 millions to the Indian Railways, which would be utilised to complete development projects.

Talking to reporters after inaugurating the passenger halt facility at Kanimahuli station near Chakulia under Kharagpur division of South Eastern Railway, Kumar said government was also negotiating with the World Bank and domestic financial institutions including Life Insurance Corporation (LIC) to secure more funds for the purpose.

The Minister said the Railways required Rs 40,000 crore to complete all the projects in hand and the budgetary support of Railways was Rs 3,000 crores. He said Railway would also tap the market to generate funds.

Kumar assured that all the projects initiated by Railway would be completed in the stipulated time frame of 10 years in the country.

About Rs 15,000 crore have been allotted to the newly created national railway development board, the Minister said, adding that Railways has taken up six projects including one partially worth Rs 2,000 crore in Jharkhand, which would be completed within five years.

PTI