Press briefing of Cabinet Decision taken on 2012-01-05

A Dollar Credit Line of US $382.37 Million from the Government of India for the Restoration of Northern Railway Services

- the Government of India has agreed to provide a loan of US $382.37 million for the above. Of the proceeds of the loan, US $149.3 million will be utilized for the reconstruction of the Railway line from Pallai to Kankasanthurai, US $86.52 million for setting up of signaling and telecommunication systems for the Northern Railway Line and US $146.51 million for other contracts that may be mutually agreed upon by the two Governments. The proposal made by H.E. the President, in his capacity as a Minister of Finance and Planning to enter into a credit agreement with the Export-Import Bank of India to obtain the above credit facility, was approved by the Cabinet.