Interest rate on Azerbaijan’s allocations to Georgia on Baku-Tbilisi-Kars project to increase

Interest rate on Azerbaijan’s allocations to Georgia on Baku-Tbilisi-Kars project to increase

Azerbaijan, Baku, Jan. 27 / Trend /

The interest rate on the loan allocated by Azerbaijan for construction of the Georgian section of the Baku-Tbilisi-Kars Railway will be reviewed, the Azerbaijan Railways reported on Thursday. In particular, it is expected that it will be brought up to five percent.

The Azerbaijani government is willing to provide an extra $500 million to finance the construction of the Georgian section, an Azerbaijan Railways source told Trend earlier. Earlier, Azerbaijan allocated a $200-million loan from the State Oil Fund of the Azerbaijan Republic to construct the section. The loan covers 25 years, with an annual rate of one percent.

At the meeting of the Coordinating Council on the Baku-Tbilisi-Kars Railway Project, held in Tbilisi on Jan. 25-26, the parties considered the issue of revising the credit agreement between Azerbaijan and Georgia and changes in interest rates on the loan.

This year, Azerbaijan will allocate 80 million manat in an investment project for the construction of the railway in Georgia, the report said.

The cost of the project of construction of the Baku-Tbilisi-Kars Railway will be revised, Azerbaijani Transport Minister Ziya Mammadov said earlier following the consultations within the project.

"Of course, the situation changes and in this regard, the cost of the project will grow, as today prices are already different," Mammadov said. He did not specify the size of the new loan, noting that this issue will be agreed by financiers.

A new 105-kilometer railroad branch will be constructed as a part of the Baku-Tbilisi-Kars Railway. About 76 kilometers will stretch via Turkey, and 29 kilometers through Georgia. Moreover, an Akhalkalaki-Tbilisi-Marabda railway section will be reconstructed in Georgia to increase transport capacity to 15 million tons of cargo a year. A point of train transition from the existing train tracks in Georgia to the European one is planned to be built in Akhalkalaki.

The construction of the Baku-Tbilisi-Kars Railway, which will connect the railway systems of Azerbaijan, Georgia and Turkey, will be completed in the first half of 2012, Mammadov told Trend earlier. But, despite the agreed terms of the implementation of the project, the sides are working to accelerate the process and complete most of the operations by late 2011.

The corridor's peak capacity will hit 17 million tons. Initially, its capacity will reach 1 million passengers and 6.5 million tons of cargo.

Heritage Foundation talks necessary measures to improve Turkmenistan’s energy sector
Heritage Foundation talks necessary measures to improve Turkmenistan’s energy sector
Turkmenistan reveals volume of natural gas supplied to China
Turkmenistan reveals volume of natural gas supplied to China
SHELL & TURCAS PETROL reduces sales of petroleum products
SHELL & TURCAS PETROL reduces sales of petroleum products
Loading Bars
Latest
Kazakh uranium fields exploring venture to buy welding equipment via tender
Uzbekistan confirms 997 new COVID-19 cases
Armenia violates ceasefire with Azerbaijan 30 times
Baku's Executive Authority conducting solid waste transportation reforms
Algeria to reopen mosques for public: president
Uzbekistan provided Kyrgyzstan with USD 560 thsd aid, int’l organizations
Albanian president approves military deal with Turkey
Azerbaijani entrepreneurs receive investment capital within the EU-funded project
Turkey sees plunge in number of French tourists in 1H2020
Kazakhstan's export of locally-made goods to Israel plummets
Austria and Georgia – a Promising Partnership on the European Market
Bosnia appreciating Iran's support
Sudan, Egypt, Ethiopia resume Nile Dam talks
COVID-19 deaths in Brazil near 95,000
Storms, coronavirus pose "double threats" to children in Central America, Caribbean
Another 12 coronavirus patients die in Moscow in the past day
Latvia's industrial production showing signs of recovery
11 people injured in hard landing of UN plane in Mali
Bangladesh posts current account deficit of nearly 5 bln USD in fiscal 2019-20
Gov't incentives help boost car sales in Spain during July
Netanyahu warns Israel will hit back any attacks
Lebanese foreign minister quits over slow reforms, Aoun adviser takes over
Turkey’s IT Valley new autotech hub as TOGG partners with FEV
WHO representative to visit Hamedan
Kazakhstan coronavirus death toll rises to 1,058
Tbilisi Art Fair cancels 2020 edition with pandemic restrictions in mind
Cargo shipment from Azerbaijan via Turkish ports for 1H2020 announced
Chinese artificial intelligence company files $1.4 billion lawsuit against Apple
Another 78 oxygen concentrators delivered to Kyrgyz capital
Turkey's five-month export to EU lowers
PCR certification mandatory for Iraqis entering Iran
COVID-19 testing completed at Lilo Mall and Dinamo Market in Georgia
Coronavirus pandemic increases demand for private housing in suburbs of large cities in Georgia
TABIB: Issue of opening small outdoor cafes in Azerbaijan to be discussed
TABIB: Number of COVID-19 patients in hospitals decreases thanks to strict quarantine
Azerbaijan reveals number of COVID-19 tests carried out so far
Google unveils its first 5G phones, starting at $499
Speakers of Azerbaijani, Turkish parliaments have telephone conversation
Issue related to allowing trips to Azerbaijani districts under discussion
Azerbaijani cities, districts with extended quarantine restrictions disclosed - LIST
Italian specialists arrive in Azerbaijan as part of fight against coronavirus
TABIB: Worldwide work towards COVID-19 vaccine development in spotlight
Assistant to Azerbaijani president: UN special session may last 5-6 months, even year
Assistant to Azerbaijani president meets with members of Azerbaijani community of Nagorno-Karabakh region
Assistant to Azerbaijani president: Resumption of subway, shopping centers activities could lead to COVID-19 cases increase
Assistant to Azerbaijan's president talks new possible social support measures during COVID-19
Azerbaijan Finance Ministry recalculates budget parameters for current year
Georgian Airways to launch Tbilisi-Batumi flights
Uzbekistan's tourism ambassador: Tourism sector of Uzbekistan has great opportunities for investors
Hikmat Hajiyev: Azerbaijan following COVID-19 vaccine dev't process
Flights between Azerbaijan, foreign countries planned to be opened
Assistant to President: There's positive dynamics in fighting COVID-19 in Azerbaijan
Ministry: Georgia receives good harvest of potato
Azerbaijan to apply toughened special quarantine regime in one more district
Azerbaijan discloses restrictions remaining in force during quarantine regime
Diesel prices increase in Kazakhstan year-on-year
Azerbaijan reports 647 new COVID-19 recoveries
World Bank's tourism development consultant talks future of tourism in Uzbekistan
Restrictions on public transport to remain in some cities, districts of Azerbaijan
Turkey's General Directorate of State Airports Authority opens tender to purchase fuel
Weekly review of Georgian capital market
Turkmenistan discloses volume of potatoes harvested in Dashoguz region
Azerbaijan discloses country's 1H2020 currency reserves
Azerbaijani association talks impact of COVID-19 on production of sand, gravel, stone
Rules on empty home tax to apply to Iran's cities with population over 100,000
Operational Headquarters makes decision to mitigate quarantine regime in Azerbaijan
Another resident registered at Azerbaijan's Sumgayit Chemical Industrial Park
Armenian side creates fake Twitter account in name of Azerbaijan's Defense Ministry
Operational Headquarters under Azerbaijani Cabinet of Ministers cancels permission for leaving home via SMS
Azerbaijan discloses rules for visiting beaches during quarantine regime
Georgia increases export of peaches, nectarines
Volume of foreign currency transactions at Turkmen State Commodity Exchange revealed
Volume of cargo transshipment through Turkish Aliaga port in 1H2020 disclosed
How “friendship” for money let Armenia down
Uzbek-Korean JV opens tender to buy batteries
Azerbaijan, US expand agricultural cooperation
Uzbek bank invests at London Stock Exchange
MP: Azerbaijani army fully equipped, has powerful staff potential (VIDEO)
Heritage Foundation talks necessary measures to improve Turkmenistan’s energy sector
Coronavirus situation under control in Iran - Rouhani
ADB to help strengthen health system of Uzbekistan
Georgian Credo Bank, EIB sign finance agreement to support MSMEs in Georgia
Uzbekistan increases cotton oil production
Turkmen Ministry opens tender for construction of facilities
Wall Street Journal publishes article criticizing double standards of Human Rights Watch
Iran reveals its COVID-19 data for August 3
Kazakhstan-based world's largest uranium producer talks 2020 operational forecasts
Turkmenistan reveals volume of natural gas supplied to China
Kazakhstan’s postal service operator to buy fuel via tender
SHELL & TURCAS PETROL reduces sales of petroleum products
Iran aims to increase steel production
Rouhani: Iran's economic strategy to be realistic
Iran stock index breaks new record
Int'l Road Transport Union supports transport infrastructure digitalization in Uzbekistan
Georgia's Batumi sees decrease in real estate transactions
Azerbaijani Consulate General in US' LA sends letter of protest to UFC President
German Lufthansa resumes regular flights to Georgia
Turkmenistan imports various types of textile products from EAEU countries
Uzbekistan aims to complete construction of first GTL plant in 2020 despite pandemic
ADB highlights four key areas that can help Uzbekistan to recover its economy
All news