World Bank Group announces railway plans
15 February 2010
Developing countries may benefit from investment on railways as part of the World Bank Group's joint initiative with the International Union of Railways (UIC).
The organisation announced the move to formalise its cooperation on Friday (February 12th).
Both firms will now work together to improve infrastructure in terms of railway projects across certain countries.
Director of the Energy, Transport and Water Department Jamal Saghir signed an agreement for such plans on behalf of the World Bank Group.
"The Bank Group's lending for railway projects has significantly increased over the past few years," he explained.
Energy efficiency and public transport will be included in new priorities created by this agreement, Mr Saghir noted.
Based in Paris, the UIC comprises of 200 global member railways.
It has 81 active members including North and South Africa's railways and 83 associate members, which also include those in Africa.
Railway lending from the World Bank Group reached almost $1 billion (£636 million) in the 2009 tax year.