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INVESTMENT IN RAILWAY INFRASTRUCTURE AND ROLLING STOCK Report by the secretariat Item 7 (a) of the provisional agenda Main trends in the ECE region • Acceleration of transport infrastructure investment (2003-7) – New EU member states – SEE candidate countries – Resource-rich EECCA countries • Steady investment levels in Western Europe and North America • Source: ITF Chart 1 Rail sector's share in inland transport infrastructure investment, % 60 50 40 1995 2000 2007 30 20 10 0 Western Europe CEEC Russian Federation Turkey Effects of the economic crisis • GDP and investment levels down in most ECE economies • Fiscal stimulus packages in some large ECE countries include railway projects • Railway investment levels down in new EU states • But still strong in Russia and Turkey Financing in the post-crisis period • Fiscal consolidation expected in most ECE countries • Less public funds for railway infrastructure investment • PPP projects could reduce the funding gap • More accessions to the Luxembourg Rail Protocol could boost private financing of rolling stock Chart 2 Structure of PPP transport infrastructure investment in ECE emerging market economies 1993-2007, per cent Airports •Source: PPI database, World Bank. Rail Road Seaports