Asian Development Bank Announces Readiness to Finance Baku-Tbilisi-Kars Railway Project
Azerbaijan, Baku / corr. Trend I.Khalilova / The Asian Development Bank (ADB) voiced its wish to expand co-operation with Azerbaijan in the transport sector, a source stated at the Ministry of Economic Development of Azerbaijan. Particularly the ADB is interested in financing the Baku-Tbilisi-Kars railway project. This wish was voiced by the ADB representatives at the meeting with the Azerbaijani Minister of Economic Development, Heydar Babayev, within the EBRD annual meeting in Kazan this week.
A Memorandum was signed with the European Bank for Reconstruction and Development in Kazan to support the project.
The construction is intended to be completed in 2009. The coordinator for the project from Azerbaijan is the Transport Ministry. The initial cost of the project is estimated at $410mln, with $200mln for constructing the Georgian section. Privileged credits will be granted for the project at the expense of the State Oil Fund of Azerbaijan.