August 3, 2016 / 10:12 AM / 3 years ago

Germany to spend 270 billion euros to fix roads, railways, waterways

Cars queue during traffic jam on the city highway A100 at rush hour in Berlin February 27, 2015. REUTERS/Fabrizio Bensch

BERLIN (Reuters) - Germany’s cabinet agreed on Wednesday to spend almost 270 billion euros (£226.48 billion) to repair and build new roads, railway lines and waterways by 2030.

Germany has faced international pressure to take advantage of cheap borrowing costs and boost domestic investment by fixing its potholed roads in order to reduce its reliance on foreign exports and help pull the rest of Europe out of the doldrums.

The money will be used to finance 1,000 urgent projects, with 69 percent of funds to be spent on renovating existing infrastructure and 31 percent on new construction.

Almost half of the money will go to roads, with 41 percent for rail and the rest for canals and other waterways, according to the new Federal Transport Infrastructure Plan.

Reporting by Markus Wacket; Writing by Caroline Copley

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