Azerbaijan to Accelerate Financing Reconstruction of Georgian Section of Baku-Tbilisi-Kars Railway
Azerbaijan, Baku /corr. Trend I.Khalilova / The Chairman of the Executive Board of the International Bank of Azerbaijan (IBA), Jahangir Hajiyev, said on 5 July that in August the State Oil Fund of Azerbaijan (SOFAZ) plans to transfer $40 mln as the first tranche for Georgia over the project of Baku-Tbilisi-Kars railway.
Generally the State Oil Fund of Azerbaijan will allocate $200mln credit to the Georgian Government within the framework of the project on construction of the Baku-Tbilisi-Kars railway. The International Bank of Azerbaijan has been selected as agent-bank of the Government.
The Azerbaijani President issued the decree 'Arrangements on Implementation of Baku-Tbilisi-Kars Project' to which a state commission was established under the chairmanship of the Transport Minister Ziya Mammadov. The commission includes representatives of the Finance Ministry, Foreign Ministry, Economic Development Ministry, the heads of the State Oil Fund, the railway and the International Bank of Azerbaijan. The Azerbaijani Government appointed the Ministry of Transport as the co-ordinator of the project.