Russian Railways discussing 2024-25 investment program at 1.2-1.3 trln rubles annually

MOSCOW. Feb 9 (Interfax) - Russian Railways (RZD) is discussing its investment program for 2024-2025 at an amount of 1.2-1.3 trillion rubles, Vadim Mikhailov, RZD first deputy head, said on Thursday during the III Russian Forum on Financial Literacy, Prosto Capital 2023.

"For the 2024-2025 horizon, we are currently discussing the main parameters in the government, and the Russian government is providing us with much support. The level of the investment program should be approximately 1.2-1.3 trillion rubles [per year] for 2024-2025. These are parameters for which we want to strive," Mikhailov said.

Earlier on Thursday, it was reported that Russian President Vladimir Putin had given instructions to work on financing for the RZD investment program for 2024 and report by March 31. Instructions following the results of the meeting on economic issues held on January 17 were posted on the Kremlin's website.

Russia's Transport Ministry expects the RZD 2024-2025 investment program to grow 50% compared to the 2023 level, Deputy Transportation Minister Valentin Ivanov said during a round table discussion in the Federation Council in December. This should not only be owing to tariff increases, but also by attracting extra-budgetary sources. Ivanov said this entailed an investment program totaling about 1.5 trillion rubles in both 2024 and 2025.

RZD's 2023 investment program has been approved at 1.074 trillion rubles.