Russian Railways announces H1 investment spending

In the first half of 2008, Russian Railways allocated RUB 143bn (approx. USD 6.16bn) for the implementation of its investment program, the company's press office said today according to RBC. The rate of program realization accelerated nearly 5 percent in H1 2008 compared to January-June 2007. Specifically, Russian Railways opened a tunnel on the Tuapse - Adler stretch of the North-Caucasus Railway in May as part of the program. Other key investment projects to be carried out in 2008 include the modernization of Russia's railway infrastructure and the development of high-speed railway transportation systems.