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Azerbaijan Allocates to Georgia First Installment for Construction of Baku-Tbilisi-Kars Railway

Business Materials 12 September 2007 10:47 (UTC +04:00)
Azerbaijan Allocates to Georgia First Installment for Construction of Baku-Tbilisi-Kars Railway

Azerbaijan, Baku / corr Trend I.Khalilova / The State Oil Company of Azerbaijan (SOCAR) has remitted to the Tbilisi Office of the International Bank of Azerbaijan (IBA) the first installment for the construction of the Baku-Tbilisi-Kars railway in Georgia, Samir Veliyev, the Director General of the Tbilisi Office of the IBA, said.

Generally, the Fund plans to allot a $200mln loan for the Georgian section of the Baku-Tbilisi-Kars railway for the term of 25 years under rate of 1% a year.

Total expenses for the railway project Baku (Azerbaijan) - Tbilisi (Georgia) - Kars (Turkey) were envisage in the amount of $420mln and in autumn it is planned to set up construction.

In February Turkey, Georgia and Azerbaijan signed a trilateral agreement and held talks with Kazakhstan on country's joining to the project.

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