Baku, Azerbaijan, Jan. 26
By Maksim Tsurkov – Trend:
The Asian Development Bank (ADB) has postponed the review of issuance of a loan worth $200 million for the North-South railway corridor project, as well as the development of Azerbaijan’s railway sector, said a message posted on the ADB website.
The bank planned to review the project on Apr. 15, 2017, but it has been rescheduled for Aug. 25, 2017.
Moreover, an ADB mission that had to visit Azerbaijan on March 11-25, 2017, in order to gather information for the project, will visit the country on Aug. 1-11. The date for the loan’s approval hasn’t been determined yet.
The loan will be mostly used for investments in the development of the Baku-Yalama (the border with Russia) railway branch as part of the International North-South Transportation Corridor (INSTC) project and support for expansion of management autonomy of Azerbaijan Railways CJSC, effective financial restructuring of the company’s liabilities, expansion of financial and management control, efficiency and accountability in the company, as well as business development and corporate restructuring of the company.
As part of the North-South project, the infrastructure reconstruction project envisages the restoration and rehabilitation of the 441-kilometer section of the Baku-Yalama railway branch, the development of computerized management system of cargo operations and rendering consulting services within the project.
The loan will be received by Azerbaijan Railways CJSC.
ADB, based in Manila, was established in 1966 and is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
Azerbaijan became the ADB member on Dec. 22, 1999.
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