Japan to help finance upgrade of Trans-Siberian Railway

8/11/2008 10:43:04 AM

The Trans-Siberian Railway, a 9,300 kilometre rail network connecting Moscow with the Russian Far East is to be modernised with the help of Japan providing government-backed loan and trade insurance.   Once the upgrade is complete, transport time from Moscow to Vladivostok will be halved to one week. The basic upgrade was drawn up by Russia last year to be completed by 2030 at a total cost of about JPN69 trillion (US$638 billion), with some funds coming from private-sector investors overseas, reports the Russian Transport Daily Report www.dars.ru.   The government also plans to promote investment by Japanese firms in a number of special economic zones and resource-rich areas along the route. In addition, Japan will offer assistance in streamlining customs clearance procedures.   Asian Shipper

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