Azeri govвЂ™t estimates expediency of attraction of EBRD credit
The Azerbaijani government estimates the expediency of attraction of the European Bank for Reconstruction and Development (EBRD) loan for the Azerbaijan State Railway Department, the Cabinet of Ministers told Trend.
"Initially the EBRD credit was reasonable, as it was allocated on government guarantees. So, it is not seem as expedient to receive cheap credit through increase of public areas by $50m for the implementation of such projects,вЂќ the same source underlined.
In the beginning of this year Azerbaijan and the EBRD held talks in this respect.
The first installment of the credit for the project valued at $50m will be directed at restoration of locomotives, while the second вЂ" for purchase of new vehicles.
Under the project it is also planned to repair 60 electric locomotives and diesel locomotives, establishment of a repair base for locomotives in Boyukshor and Balajari deports and their provision with spare parts. $20m is required for their implementation. The second project with the budget of $30m envisages the use of $10m for purchase of LM and CSM vehicles for implementation of refurbishment work in the railway economy, while $20m вЂ" acquisition of new locomotives.