Source: AFP          Date: August 17, 2011

Russia is rushing to bring its rails up to international standards before the 2018 World Cup. It will need to invest nearly USD 100 billion in its Soviet-era rail system, said the head of the state rail company.

Russia feels hosting the World Cup will be its chance to ignite a long secession of infrastructural projects for its development. Russia currently has the world's largest railway system, but suffers from decades of neglect, reported AFP. The possibility of a high-speed rail is also on the table, but at a dramatic cost of about 2.6 trillion rubles, Yakunin told the RIA Novosti news Agency. The Russian government is currently encouraging private industry to invest in various construction projects associated with the soccer event.

Yakunin said international practice suggests major projects such as railways should be jointly developed by government and private enterprises. He said between 30 and 40 per cent of the proposed railway funding could come from private investment, Interfax reported.

Russia will also host the 2014 Winter Olympic Games in the southern city of Sochi, where the country’s tycoons are playing a major role in construction and investment.