Azerbaijan, Baku, Dec. 17 / Trend E.Ismayilov /
CJSC Azerbaijan Railways intends to attract additional funds under the "State program on development of the railway system in Azerbaijan in 2010-2014", a source in the company reported.
The work under the program is estimated at 2.4 billion manat. Previously, investments required by the state program were estimated at one billion manat. The World Bank has already allocated $450 million and the Czech EXIM Bank has sanctioned around €215 million to implement the components of this program.
WB loan is provided under the project to support rail transit and trade of Azerbaijan. The funds will be spent on the electrification of the railway on the section from Baku to the Georgian border and acquisition of locomotives.
However, the source said, the company intends to attract additional funds for this project. The share of funds to be allocated under the program could reach about 40 percent of the total.
According to the source, "these funds can be provided in the form of investment programs," adding that the state program is already underway as tender documents for works referred to the program are being prepared.
The work will be carried out in the framework of the "State program on development of the railway system in Azerbaijan in 2010-2014" that was approved in early July.
The program will be financed at Azerbaijan Railways JSC's own expense, domestic and foreign investments, technical assistance and grants from other sources.