The Kowloon-Canton Railway Corp (KCRC) is waiting for the right time to tap capital markets for HK$10.9 billion for the West Rail project. KCRC chairman Yeung Kai-yin and senior finance director Samuel Lai Man-hay have made trips to Europe and the United States to lay the groundwork for the fund-raising, West Rail director Ian Thoms said. The officials had contacted investment banks to create an awareness of plans to raise the capital, Mr Thoms said. 'The borrowings can happen any time and it also depends on how we see the opportunities,' he said. With its strong credit ratings, the corporation does not expect to have any problem raising the necessary capital. KCRC, which is investing HK$11.8 billion in the West Rail, would only need borrowings for the project next year, Mr Thoms said. A HK$29 billion equity injection from the Government is expected to be sufficient for the project this year. The HK$64 billion West Rail, which is due to start services in 2003, will enable residents in the New Territories to reach Tsim Sha Tsui in about half the time it takes to travel by bus. In April last year, the KCRC launched a HK$10 billion note issuance programme arranged by the Hong Kong Monetary Authority and Bermuda Trust (Far East) acting as trustees. A second US$1.5 billion medium-term note programme, jointly arranged by HSBC Markets and Morgan Stanley Dean Witter which acted as dealers, was launched in June and listed on the Hong Kong and London stock exchanges. FUND RAISINGS