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.