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 [ Images ] 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