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Azerbaijan reveals volume of funds put in BTK railway's construction

Business Materials 23 October 2017 21:29 (UTC +04:00)

Baku, Azerbaijan, Oct. 23

By Maksim Tsurkov – Trend:

Azerbaijan’s State Oil Fund (SOFAZ) told Trend Oct. 23 that as of Oct. 1, 2017, $640.3 million has been allocated for construction of the Baku-Tbilisi-Kars railway (BTK) since the beginning of the project’s financing by SOFAZ.

Under an agreement signed by the governments of Azerbaijan and Georgia, funds were transferred through the International Bank of Azerbaijan to Marabda-Kartsakhi Railway LLC, which was created for the design, construction, rehabilitation, reconstruction and operation of the Marabda-Turkish border railway section and related infrastructure facilities.

SOFAZ allocated $10.1 million for the project’s implementation in 1H17.

The BTK railway has been constructed on the basis a Georgian-Azerbaijani-Turkish intergovernmental agreement. The railway’s peak capacity will be 17 million tons of cargo per year. At an initial stage, this figure will be one million passengers and 6.5 million tons of cargo.

An official opening ceremony of the Baku-Tbilisi-Kars railway will be held in Baku Oct. 30.

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Follow the author on Twitter: @MaksimTsurkov

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