Tuesday, 02 January 2024 12:17 GMT

Germany Pledges USD192.5B to Transform Infrastructure by 2029


(MENAFN) Germany is preparing to invest €166 billion ($192.5 billion) to upgrade its infrastructure by 2029, the Transport Ministry announced Tuesday.

The federal government plans to dedicate €107 billion ($124 billion) to modernizing railways, roughly €52 billion ($60 billion) for highway improvements, and €8 billion ($9.2 billion) to enhancing waterways.

These funds will come from the regular budget alongside a special €500 billion ($579 billion) fund earmarked for infrastructure modernization.

Among the main projects are digitizing the railway system and maintaining the country’s bridge network.

The total investment of €166 billion ($192.5 billion) will be evenly distributed over five years, from 2025 through 2029, with annual spending of €33 billion ($38 billion).

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