UK, London, December 8 /corr. Trend D. Nicholson /
The State Program of development of railways must be approved before the end of 2009.
The program will begin in 2010, said Azerbaijan's Deputy Minister of Transport Musa Panahov at the investment conference in London.
"There were some delays due to discussions with the World Bank for restructuring the railway system. [...] All documents are prepared, and we are ready to sign a loan agreement with the World Bank", - Panahov said on Tuesday to Trend .
The price of the program, estimated at 1.5 billion dollars, will be partly financed by the WB, another part will provide the Government of Azerbaijan. Although, as noted Panahov, participation of other foreign investors is welcome.
The construction works will begin next year and will take about five years.
"We expect a sharp increase in traffic, especially containerized cargo from China. China is a major supplier to Europe, and the route through [Azerbaijan] will reduce the journey twice," - said Panakhov.
As the deputy minister said, the reduction of rail transport in Azerbaijan due to global crisis process, to exert influence on countries such as Kazakhstan. Panahov also noted the progress in the field of road transport and marine.
"We must strive to attract more volumes of cargo for using the country's infrastructure", - he said.