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Azerbaijan State Railway Department's Turning into JSC to Begin in 2008

Business Materials 13 October 2006 16:00 (UTC +04:00)

Azerbaijan State Railway Department (ASRD) is ready to turn into a joint-stock company (JSC) from 2008, ASRD Head Arif Askerov told, Trend reports. Presently negotiations are being held with the World Bank (WB) for allocating $100 mln credit for the ASRD. Turning into JSC is one of the terms of the credit.

The credit is disbursed for the project on assistance to transport and trade through the railways of Azerbaijan.

The preparation of the project has been held since the beginning of 2006 through the grant amounting $900.000. The consultants have been attracted from the Japanese PHRD Foundation to prepare feasibility study.

The project envisages restructuring the passenger and cargo transportation through rail ways and bringing ASRD financial management into conformity with international standards.

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