EBRD ready to partially finance North-South project
Baku, Azerbaijan, Nov. 25
By Maksim Tsurkov - Trend:
The European Bank for Reconstruction and Development (EBRD) is ready to partially finance the North-South international transport corridor project, Ivana Duarte, head of the bank’s resident office in Baku, said.
Duarte made remarks at the International Rail Business Forum titled "Strategic Partnership 1520: The Caspian region" in Baku Nov. 25.
"The North-South international transport corridor project is very big and difficult for full financing,” Duarte said. “However, the EBRD is ready to finance its certain sections."
The North-South transportation corridor is meant to connect Northern Europe to South-East Asia. It will serve as a link connecting the railways of Azerbaijan, Iran and Russia. At the initial stage, the North-South corridor will transport six million tons of cargo per year with further expansion of transportation to 15-20 million tons.
EBRD has allocated 2.5 billion euros to Azerbaijan for implementation of around 159 projects since 1992.
One of the main tasks of EBRD is to ensure a stable development of Azerbaijan's non-oil sector by investing in the small and medium-sized private enterprises.
Azerbaijan is the largest recipient of EBRD funds in the South Caucasus, as well as one of the largest recipients of this bank's funds in the CIS and Eastern Europe.