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Ministry of Railways to issue 20 billion yuan bonds to fund projects

By Zhao Qian (Global Times)

08:23, August 21, 2012

The Ministry of Railways (MOR) announced to raise 20 billion yuan ($3.14 billion) through a bond issuance Tuesday to finance the construction of the country's railway projects.

The offering will be the fourth batch this year under the ministry's 150 billion yuan bond issuance quota for 2012, the MOR said Monday.

China Chengxin International Rating Co gave its highest rating of AAA to the MOR and its latest batch of bond issuance.

The ministry aimed to speed up railway project construction this year, but had problems in completing projects in the first half of this year, due to capital shortages.

The total fixed asset investment amount is planned to reach 516 billion yuan, the MOR said in July, when it announced its second batch of bond issuance of 18 billion yuan.

However, the ministry only realized an investment of 177.75 billion yuan, around one-third of its planned amount in the first half of this year, according to the MOR.

"Expanding the scale of railway project construction is necessary as railway transportation capacity of the country is still not adequate," Luo Renjian, chief researcher at the Institute of Comprehensive Transportation under the National Development and Reform Commission (NDRC), told the Global Times Monday.

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