Azerbaijan, Baku /corr. Trend I.Khalilova / The World Bank (WB) highlighted readiness to increase amount of finance for project on assistance to transit through railway and trade in Azerbaijan up to $371mln compared to previous $80mln, a source stated in Azerbaijan's Ministry of Transport. This initiative was mentioned during the visit of the WB experts, chief specialist for transport and head of the project group, Jerald Olive and specialist Marta Lornets, to Baku, which will conclude on 9 November.
The visit was aimed at assessing and discussing financial aspects on the project.
In addition to improvement of railway economy, the WB project envisages holding reforms and bringing the activity of the Railway Department in to conformity with the demands of the market economy.
Through the WB grant, the consultants from Pabeco/Feneka/Sulaco consortium will prepare the marketing plan by the end of the year.
Financing the project will be implemented through credit resources of the International Bank for Reconstruction and Development.
According to the initial assessments, the cost of the project is $400mln. Share of Azerbaijan Government's participation will be between 20% and 30%.