Azerbaijan is looking for a loan for the implementation of the North-South railway project. It has appealed to the Asian Development Bank (ADB) for a loan of $ 200 million. According to the ADB report, the relevant departments of the bank will consider the allocation of the credit in the fall. In this connection, the ADB mission will visit Azerbaijan on November 14-25 to collect information.
The railway project North-South implies to connect the railways of Iran and Azerbaijan by the end of 2016. In February, the Iranian and Azerbaijani Presidents reached an agreement in this regard.
The railroad North-South on the site of Rasht-Astara will unite Azerbaijan, Iran and Russia and thus connect Europe with South-East Asia. Under this project, Azerbaijan has to stretch a 14-km rail link across its territory. -0-
Economics
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Azerbaijan has dispatched its first rail cargo shipment from Baku to China, marking a significant milestone in its ambitions to become a critical hub along the Middle Corridor. The Azerbaijan Railways (ADY) confirmed on Sunday that the inaugural "Baku-Xi'an" export block train, comprising 62 40-foot containers, has begun its journey.
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Azerbaijan’s Cabinet of Ministers approved a detailed framework for the preparation of sector-specific strategic plans aimed at guiding the country’s economic development over the medium term.
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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