A company named "Rail Vikas Nigam Limited" has been incorporated under the Companies Act for the implementation of projects of National Rail Vikas Yojana, announced by Prime Minister Atal Bihari Vajpayee on August 15, 2002, at an estimated cost of Rs 15,000 crore (Rs 150 billion).

Presenting the Rail Budget for 2003-04, Railway Minister Nitish Kumar said the Nigam will also implement the sub-projects for strengthening the Golden Quadrilateral and its diagonals costing Rs 8000 crore (Rs 80 billion).

He said a part loan of $313.6 million has been approved by ADB and it will be utilised mainly for execution of projects covered under the initiative of strengthening of Golden Quadrilateral.

A dialogue with the World Bank has been initiated to mobilise funds for "mega bridges" and other projects, Kumar said.

PTI