25% of Russian Railways to be sold by end 2016

rzd_russian_railwaysRussia is planning to sell the first five percent of state-owned Russian Railways by the end of 2014 and an additional 20 percent by the end of 2016, according to an Economy Ministry document, reported Dow Jones Newswires.

The document, which outline’s the ministry’s privatisation plans until 2018, also said that the sale of 11 percent of the country’s second-biggest lender VTB will take place in 2015.  The state sell-offs are part of the government’s drive to raise revenue and prop up the country’s budget.