EBRD EAGER TO APPROVE RAILWAY PROJECT BY LATE 2005
The European Bank for Reconstruction and Development (EBRD) plans to approve a project on financing a project on update of a locomotive park at the Azerbaijan State Railway Department (ASRD) by the end of the year.
Raymond Konway, the head of the Baku Office of the EBRD, said that at the moment the approval of $30-$50m in financing the implementation of the project. The Board of Directors of the EBRD will adopt the project in 2005, while the designing of necessary procedures should be complete for the approval of financing.
A mission of the EBRD Transport Department has recently arrived in Baku in this respect. The government said that the mission will visit Baku once again this autumn. In general, the Azerbaijani government plans to receive financing by November 2005.
The project envisages the reconstruction of the existing locomotive park, purchase of new spare parts, as well as new locomotives.