Leading Financial Institutes to Finance Railway Reconstruction Program in Azerbaijan
Azerbaijan, Baku / corr. Trend S. Babayeva / Musa Panahov, the Deputy Transport Minister of Azerbaijan, informed that the leading financial institutions such as World Bank, European Bank for Reconstruction and Development, Asian Development Bank and other commercial banks have expressed their interest to finance the State Railway Reconstruction Program in Azerbaijan.
The State financial reserves will be utilized as well.
The World Bank will allocate a grant for the implementation of the project on reconstruction of Baku-Beyuk Kesik rail link. The reconstruction work is already under way. "The project will be presented to the Government for consideration," the Panahov said.
The necessity to reconstruct the railways in Azerbaijan and prepare an appropriate program caused by the future construction of Baku-Tblisi-Kars railway.
The State budget and the investment program for 2007 will provide funds for financing of a certain part of the program.