Baku, Azerbaijan, Jan.18
By Maksim Tsurkov - Trend:
The joint project of Azerbaijani Transport Ministry and the Asian Development Bank (ADB) on the reconstruction and creation of a high-speed railway between Baku and Sumgayit is being prepared, ADB's Baku office told Trend on Jan.16.
"Currently, ADB consultants are carrying out the relevant work," said the source. "It is expected that more accurate information about the project will be available by late March 2015."
The source said that ADB consultants are preparing the analysis of the project's economic viability.
"The approval of Azerbaijani government will be needed on the basis of this analysis, therefore, it is too early to talk about anything specifically," said the source.
There are no any changes in the status of other projects indicated in the business plan on ADB's operations in Azerbaijan, according to ADB's Baku Office.
"The year has just begun and ADB missions will start arriving in Azerbaijan in late January," the source said.
Earlier, spokesperson of Azerbaijani Railways CJSC Nadir Azmammadov said that currently, Azerbaijan's Transport Ministry and ADB are working on the project for creation of a high-speed railway between Baku and Sumgayit.
"The experts have already become familiar with the current infrastructure," he said.
Azmammadov said the project envisages the reconstruction of nearly 50 kilometers of the railroad bed, renewal and modernization of the power supply system and signaling system.
He added that it is also planned to purchase 10 passenger cars within the project.
Under the cooperation strategy with Azerbaijan, ADB plans to allocate $752 million in 2014-2018 for the implementation of infrastructure projects in the spheres of transport, energy and water supply. This is while it is planned to allocate 46.5 percent of the funds for financing the road projects.
The Asian Development Bank was founded in 1966 and has 67 members. ADB's headquarters is located in Manila, Philippines. Azerbaijan became its member on Dec.22, 1999. The country's share in ADB's capital is 0.5 percent.
The leading shareholders of ADB are Japan and the US (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent).
The active portfolio of ADB in Azerbaijan is $1.224 billion.
Over the whole period of cooperation, ADB allocated a total of nearly $1.94 billion to Azerbaijan for the implementation of 22 projects.
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