Baku, Azerbaijan, Feb. 9
By Maksim Tsurkov – Trend:
Azerbaijan’s State Oil Fund (SOFAZ) has allocated $642.3 million (as of Jan. 1, 2018) since the beginning of the Baku-Tbilisi-Kars railway project’s financing by SOFAZ, the Fund told Trend Feb. 9.
Under the agreement, signed between 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 $12.1 million for the project’s implementation in 2017.
The BTK railway was constructed on the basis a Georgian-Azerbaijani-Turkish intergovernmental agreement and was commissioned in October 2017. 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.
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