...

Up to $9 bln investments to be required to develop Baku metro

Business Materials 11 September 2012 10:09
Baku Metro development program for the next 20 years will require investments worth 6-7 billion manat, Baku Metro deputy chief Arif Rasulov told media on Monday.

Azerbaijan, Baku, Sept. 11 / Trend A. Akhundov /

Baku Metro development program for the next 20 years will require investments worth 6-7 billion manat, Baku Metro deputy chief Arif Rasulov told media on Monday.

"The program involves constructing 53 new stations and laying new 83.4 kilometer metro lines, i.e. more than 165 kilometers of tunnels," he said. "Laying one kilometer of lines, including the construction of stations and other expenses, require an average of 100-110 million manat. Taking into account that some new metro lines will lie on the surface, 6-7 billion manat will be invested in this project for 20 years."

He said that the project is still fully funded by the state.

"We have not used any other source of funding," he said. "Of course, we are interested in additional sources of funding to accelerate the program implementation. However, there are no specific projects."

Over 300 million manat have been allocated for the program implementation, which was adopted in 2011.

"According to the schedule, we must spend the funds by late 2012," Rasulov said.

The official exchange rate is 0.7852 AZN/USD on Sept. 10.

Latest

Latest