Chinese Ministry Issues $4.4bn Bond to Fund Rail Construction

23 September 2009 (Last Updated September 23rd, 2009 18:30)

China's Ministry of Railways (MOR) has begun raising $4.41bn (CNY30bn) to fund railway construction in the country by floating the first batch of bonds on the inter-bank bond market. The money will be used to build 32 new rail lines. The move is part of MOR's plans to raise CN

China's Ministry of Railways (MOR) has begun raising $4.41bn (CNY30bn) to fund railway construction in the country by floating the first batch of bonds on the inter-bank bond market.

The money will be used to build 32 new rail lines.

The move is part of MOR's plans to raise CNY100bn of bonds to fund the construction of 43 railway projects and purchase locomotives.

The railway projects are part of the country's CNY2tr plans to extend its rail network to 100,000km by 2020.