Baku, Azerbaijan, May 10
By Emil Ismayilov - Trend:
Some $470.6 million (as of April 1, 2014) was allocated by the State Oil Fund of Azerbaijan (SOFAZ), from the beginning of funding of the project for construction of Baku-Tbilisi-Kars railway, a message posted on the Fund's official website said.
The funds were transferred to the Marabda Kartsakhi Railway LLC through the International Bank of Azerbaijan, in accordance with the agreement signed between the Azerbaijani and Georgian governments.
The Marabda Kartsakhi Railway LLC has been created to construct, rehabilitate, reconstruct and operate the railway section of Marabda-Turkish border and corresponding infrastructure facilities.
SOFAZ allocated around $6.5 million for implementation of the project in the first quarter of 2014, according to the message posted on the Fund's website.
The Baku-Tbilisi-Kars railway is being constructed on the basis of Georgian-Azerbaijani-Turkish intergovernmental agreement.
Azerbaijan has allocated a loan worth $775 million for construction of the Georgian section. SOFAZ carries out the funding of the project in accordance with the decree of Azerbaijani president 'On the implementation of the project activities of the Baku-Tbilisi-Kars' dated February 21, 2007.
It is planned to construct a new 105-kilometer branch of the railroad as part of the Baku-Tbilisi-Kars project. In addition, the railway's Akhalkalaki-Marabda-Tbilisi section will be reconstructed in Georgia, which will increase its capacity to 15 million tonnes of cargo per year. It is planned to build a post in Akhalkalaki for the transition of trains from the existing tracks in Georgia to the European ones.
The peak capacity of the corridor will be 17 million tonnes of cargo per year. This figure will be at the level of one million passengers and 6.5 million tonnes of cargo at the initial stage.
Translated by L.Z.