Azerbaijani top official: Country allocates $5 billion to develop transport sector over past five years

Azerbaijani top official: Country allocates $5 billion to develop transport sector over past five years

Azerbaijan, Baku, Oct. 12 / Trend /

The Azerbaijani state budget allocated $5 billion to develop the transport sector over the past five years, Deputy Prime Minister Abid Sharifov said at the international regional business forum "Strategic Partnership 1520: The Caucasian region" on Tuesday.

Loans worth $2 billion were attracted in the transport sector for the period of 2006-2010, he said.  Azerbaijan's share in them amounted to $400 million.

The country attaches great importance to the development of railway transport. The State Railway Development Program for 2010-2014, which includes reconstruction and modernization of railways, signal system and purchase of new rolling stock, was approved this year. The program is valued at $1.2 billion.

Sharifov said in addition to developing its transport sector, Azerbaijan plays an active role in the development of the transport corridors such as TRACECA, North-South and East-West.

Currently, the work is underway on construction of the Baku-Tbilisi-Kars railway system designed to connect Azerbaijan, Georgia and Turkey. The new railway is planned to be commissioned by 2012. The railway tunnel to Turkey through the Bosporus, which will provide a way out of cargo and passenger traffic from Asia to Europe, will be commissioned by 2013.

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