EBRD Refuses Considering Loan for Azerbaijani Railways

EBRD Refuses Considering Loan for Azerbaijani Railways

Azerbaijan, Baku, 7 May /corr. Trend S.Aliyev, A.Badalova / The European Bank for Reconstruction and Development (EBRD) ceased considering approval of a $50mln loan for the State Railway Department of Azerbaijan (SRDA) to establish a facility to serve locomotives in Bilajar and Boyuk Shora Depots and purchase spare parts for locomotives, Lin O'Grady, Senior Banker of the EBRD Transport Team, said on 7 May.

The EBRD Board of Directors had fixed 28 April as a date of considering approval of the credit for the SRDA. However, the Board of Directors did not consider the project.

"The project did not get to the stage of approval by the EBRD Board of Directors," the representative of the bank reported to Trend . "We could not agree the project with ADDY and the government of Azerbaijan," the Banker said.

The status of this project was listed as 'inactive' on the official site of the EBRD.

The project was designed to increase the security and efficiency of the railway operations of the SRDA and decrease the risk oil spill during transportation of oil and oil products which make up nearly 75% of the general traffic. The expenses on preparation of the project were covered by the British Trust Fund in amount of € 49,950.

However, postponing the approval of the loan does not mean the end of the EBRD co-operation with the SRDA. The European Investment Bank, in co-operation with the EBRD, intends to participate in the State Program for Development of Azerbaijani Railway in 2008-2011 which is estimated at AZN 1.252 bln. The Program is expected to be approved this year. These financial institutions suggested $500mln to Azerbaijan for realization of the project.

The program envisages acquiring 50 locomotives (currently technical consultant is being selected). The first stage will necessitate AZN 759.

A section of the Baku-Boyuk Kasik railway line ( 240 km) to Georgia ( 503 km) will also be completely reconstructed as the first stage of the project. Reconstruction of the railway will increase the speed of the trains from its present 80 km per hour to 100 km per hour.

Implementation of the program also envisages the sale of the company's stocks. The program also envisages the reconstruction of the locomotive and carriage fleets of the railway; improvement of the power economy, signals and communication systems; reconstruction of railway economy and the reconstruction of other infrastructures. According to the conditions of the EIB the loans are being provided with libor+0.5% and EBRD - libor+1%.

The correspondent can be contacted at: [email protected]

Subscribe to Trend in Google News! Subscribe
Weekly actual topics in Azerbaijan (April 16-20)
Weekly actual topics in Azerbaijan (April 16-20)
Weekly tenders in the region (April 16-20)
Weekly tenders in the region (April 16-20)
Last week’s laws, orders and decrees in Azerbaijan (April 16-20)
Last week’s laws, orders and decrees in Azerbaijan (April 16-20)
Loading Bars
Latest
India perhaps only G20 country to fulfil...: India ahead of COP26 climate summit
U.N. plane aborts landing as air strike hits Ethiopia's Tigray
Relations with India stronger than ever, says Maldives Defence Minister
Chronicles of Victory: October 23, 2020
Iranian delegation leaves for Tashkent to observe elections
UK PM Johnson says fresh COVID lockdown not on the cards
2 soldiers, terrorist killed in northwestern Pakistan's clash
Pfizer/BioNTech COVID-19 vaccine shows 90.7% efficacy in trial in children
Belarus, Kazakhstan discuss joint efforts to maintain regional security
Georgia, Turkey to set up joint air force plant
TURKIC.World project presented at media forum of Turkic Council (PHOTO)
Iran boosts transit via TRACECA corridor
French court annuls "treaty" with illegal Armenian regime in Azerbaijan's Karabakh
Azerbaijan's MoD inspects combat positions in liberated Kalbajar, Lachin districts (PHOTO)
Uzbekistan Airways opens tender related to local fire alarm system
Iran looks to enhance road development in Ardabil province
Main countries of origin for tourists arriving in Georgia
Spanish Gedepsa interested in growing olive plantations in Uzbekistan
Azerbaijan reveals number of mines, munitions found on its liberated lands (PHOTO)
Overview of Uzbekistan's retail trade turnover dynamics between 2010-2020
When Karabakh road infrastructure to be fully ready?
Armenians propagate Nazi Nzhdeh and accuse Azerbaijan of racism (VIDEO)
Relations With India Stronger Than Ever, Says Maldives Defence Minister
Bennett-Putin meeting lasted five hours, was warm and positive
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 2,112 more COVID-19 cases, 882 recoveries
Australia says EU has postponed free trade talks for second time
Azerbaijan’s volume of non-cash payments continues to grow
Delta Galil files for Nasdaq offering
Azerbaijan's investment attractiveness increased after liberation of its lands - minister (PHOTO)
Turkmenistan reduces wheat imports from EAEU states
Azerbaijan’s wheat imports from EAEU countries revealed
Belarusian company to supply Azerbaijan with cables
Azerbaijan sees growth in its population's bank deposits in September 2021
Azerbaijan commissions recently built military facilities in its liberated lands (PHOTO/VIDEO)
Non-tourist trips to Georgia plummet
Kazakh Tengizсhevroil to reduce LPG supplies to Ukraine after polypropylene plant's launch
Iran to use domestic capacity for road fleet modernization
Azercell once again bestowed with ISO 37001:2016 Anti-bribery Management Systems standard of compliance
Azerbaijan reveals data on mine clearance work carried out in liberated lands
Azerbaijan’s cargo transportation by all types of transport decreases in 9M2021
Ukrainian companies interested in entering Turkmen market
EBRD, EU to provide loans for indirect financing of green technologies in Georgia
SOCAR-AQS exceeds drilling progress plan
President Ilham Aliyev sends congratulatory letter to Hungarian counterpart
Azerbaijan to expand co-op with Turkey in mine clearance – ANAMA
Uzbekistan signs agreement to put out former uranium mining sites
Iran eyes developing non-oil exports
India hopes to work with China for resolution of issues: Shringla
Azerbaijan’s Bulla Deniz produces over 54,000 tons of oil with technical measures
UK foreign secretary begins India visit today, to hold talks with Jaishankar
Uzbekistan to expand network of local duty-free shops
Azerbaijani SME agency ready to fully support alternative energy dev't
SOCAR sums up results of operation at Oil Rocks
Turkmenistan overhauling railways on border of Akhal, Balkan regions
SOCAR reveals time of commissioning 2nd production complex at Gunahsli field
Uzbek, Russian enterprises considering joint textile enterprises
Azerbaijan to start exporting locally-produced mineral water to Europe (PHOTO)
Azerbaijan not planning to transfer all schools online - ministries
SOCAR details on works carried out at Heydar Aliyev Oil Refinery in 2020
Progress on CAREC transport projects in Kazakhstan unveiled
Russia reports 37,141 COVID-19 cases in past 24 hours
Natural gas, coal prices to remain at high levels through start of 2022
FAO's representative office may be opened in Turkmenistan
Kazakhstan's main gas supplier to engage repair services via tender
Oil demand to reach its pre-pandemic level in 2022
Regional carrier SkyWest cancels 700 U.S. flights over technical woes
Georgian energy reform to create competitive market
Turkmenistan, UN talk co-op in food security
Turkmenistan, EU to intensify co-op in number of areas
Turkic states need to jointly fight disinformation campaigns - Azerbaijani president's assistant
Kazakhstan boosts monetary base indicators
Azerbaijan exceeds commitment under OPEC+ deal
Kazakhstan's TOP-3 trade partners for 8M2021 announced
Pushed by ‘Covid growth drivers’, India on course to be $5 tn economy by 2024-25, says Puri
BCCI could earn up to $5 billion from IPL broadcasting rights
Chip crunch to cut Renault's 2021 output by 500,000 cars
2020 became particularly significant year for Azerbaijani people - president's assistant
Azerbaijani oil prices fall
President Ilham Aliyev, First Lady Mehriban Aliyeva and their daughter Leyla Aliyeva attend inauguration of DOST Center for Inclusive Development and Creativity (PHOTO)
Kazakh energy company opens tender to buy bitumen
Uzbekistan Airports JSC cuts tariffs for foreign airlines
President Ilham Aliyev, First Lady Mehriban Aliyeva and their daughter Leyla Aliyeva view conditions created at new rehearsal building of National Gymnastics Arena (PHOTO)
Equinor, SOCAR mull opportunities for exploration at ADUA
Uzbekistan’s Jizzakh Automobile Plant eyes increasing production capacity
Kazakhstan reports increase in product transport via pipelines
Kazakh energy company opens tender to buy electrical goods
In 44-day war in Karabakh, we witnessed two-faced behavior of int’l media – Erdogan
Azerbaijan's main goal after victory is restoration of Karabakh - president's assistant
Creation of green zones in Azerbaijan’s liberated territories - part of UN program to combat global climate change – Deputy Minister
Chambers of Commerce of Turkmenistan and Switzerland hold business forum
Gas prices to ease, but to remain elevated in Europe
Georgia shares data on COVID-19 cases for October 22
Turkmenistan to organize Business French language training for female entrepreneurs
JICA to issue report on Study for Electric Power System in Azerbaijan next year
Japanese companies to invest in Georgian energy sector
Kazakhstan introduces electronic customs escort of vehicles during goods transit
Azerbaijan, UN sign MoU to promote corporate sustainability
Azerbaijani Finance Ministry to put medium-term gov't bonds up for auction
Azerbaijan reveals state budget revenues for 9M2021
All news