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World Bank Stands Ready to Participate in a 10-Year Strategy of Azerbaijan on Reconstruction of Transit Corridors

Business Materials 15 January 2007 15:20 (UTC +04:00)

The World Bank announced its readiness to allocate more investments for the improvement of the transit corridors of Azerbaijan. Over the next 10 years, the Government of Azerbaijan plans to spend $1,5 bln on the restoration and modernization of main transit roads and roads of the second category, Trend reports quoting the WB Partnership Strategy with Azerbaijan (2007-2010). $200-3000 mln may be allocated by European Bank for Reconstruction and Development, Asian Development Bank, Islamic Development Bank and donors.

Depending on the joint financing of the transport sector, the WB assesses its allocation in amount of $500 mln. The investment of the bank will be allocated after the comprehensive analyses of the transport sector.

In addition, the WB plans to support the modernization of the physical potential and security of the railway networks. Within the program of assistance to the trade and railway transport, it is intended to raise the capacity of the Azerbaijan State Railway Department and improve the efficiency and commercial direction.

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