BAKU, Azerbaijan, April 26. The average time of freight traffic between the border of Azerbaijan and Georgia’s Batumi Port will be reduced by 4 hours under Asian Development Bank’s (ADB) support program, Trend reports via ADB’s Annual Report.
According to the report, ADB has allocated $50 million to Georgian Railway JSC in $500 million of green bonds own by the enterprise for the modernization of the rail network in 2021.
Once the project is completed, the network’s annual freight capacity is expected to increase from 27 million tons in 2020 to 48 million tons by 2024.
“Through a new technical assistance project, ADB is helping develop an economic corridor framework for the South Caucasus to leverage investment, promote trade facilitation, and assess new tourism opportunities through transport gateways between Armenia, Azerbaijan, Georgia, and beyond,” ADB said.
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