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Turkmenistan involves ADB loan in int'l railway project

Business Materials 7 December 2010 12:24 (UTC +04:00)

Turkmenistan, Ashgabat, Dec. 7 / Trend H.Hasanov /

The Asian Development Bank has provided credit to the Turkmen Railway Transport Ministry to finance a project to build the Bereket-Buzkhun section of the North-South transnational railway.

The issue was discussed at a Cabinet of Ministers meeting chaired by Turkmen President Gurbangulu Berdimuhammedov.

The Turkmen government and the ADB signed a memorandum of understanding to finance the construction of the Bereket Gyzylgaya-Uzen route in February.

According to the memorandum, the ADB announced its readiness to provide $225 million in financing for the 200-kilometer plot of the new railway line to the Turkmen-Kazakh border.

The funds will be allocated for the construction of the railway line, including stations, locomotives and equipment, as well as project monitoring and management advisory services.

Turkmenistan joined the ADB in 2000.

A permanent bank office will be set up in Ashgabat.

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