Czech Bank to allocate over 200 million euros for railway sector development in Azerbaijan
Azerbaijan, Baku, June 21 / Trend H. Veliyev /
The Azerbaijani Transport Ministry signed a framework loan agreement with the Czech Republic Export Bank (
Çeşka Exportni Banka A.S) worth 215 million euros, JSC Azerbaijan Railways press-service head Nadir Azmammadov said today.
The document was signed by the Transport Minister Ziya Mammadov, Minister of Finance Samir Sharifov and Chairman of the Board of Directors of the Czech Republic Export Bank Lubomir Pokorny.
The agreement was signed within financing of the project "Reconstruction of the Azerbaijan railways".
Term of repayment of the allocated funds is eight years. Under the plan, the works must be completed within three years.
The received funds will be spent to the development of railway economy of the republic. It's envisaged to conduct repair works on 317 km road on the route of the Baku - Boyuk-Kesik, which will increase the speed of passage of passenger carriages.