Azerbaijan Transport Ministry Already Received Proposals from WB and EBRD on Volumes of Finances for Railway Development

Business Materials 29 March 2007 16:35

Azerbaijan, Baku / corr. Trend I.Khalilova / The Deputy Transport Minister of Azerbaijan, Musa Panahov, said that the European Bank for Reconstruction and Development (EBRD) and World Bank (WB) expressed readiness to provide $500 mln for the expansion of the co-operation with regards to the improvement of the railway infrastructure of Azerbaijan.

According to him, presently the Japanese Bank for International Co-operation (JBIC) is holding assessment and it is not excluded that the bank will offer finances more than offered by the EBRD and WB. The Transport Ministry of Azerbaijan will define the finance sources after approval of the State Railway Infrastructure Development Program. In addition, an agreement has already been reached and the EBRD plans to allocate $30 mln at the first stage for the creation of the service base of locomotives in depots of Bilajar and Boyuk Shor, as well as for purchase of the spare parts for State Railway Department of Azerbaijan.