The transport investment projects are significant financial investment with long-term effects. Rail infrastructure projects are very important for economic and social development of the country. They influence on strengthening of competition of railways on the transport market, as the only sustainable mode of transport.
This paper researches the problem of railway infrastructure projects selection, such a multicriteria problem. Considered projects are infrastructure projects of doubling rail tracks of Corridor 10 through Serbia.
The aim of the model is the project selection and allocation of financial resources, based on their total contribution to company goals. The degree of effectiveness of each project individually is measured, whereby the selection of projects is made by the relative relationship.
Beside economic and technological criteria for the transport project selection, developed model takes into consideration the impacts of relevant external projects. Their realization is uncertain and it’s expressed by the initial probabilities of realization.
For the project selection problems authors suggest application of the Analytic Network Process, the approach which enables the development of models with network structures, in which the elements’ interdependence present.

Project selection, rail projects, multicriterial decision making method, analytic network process