The government of Azerbaijan has taken $220 million additional funds from the International Bank for Reconstruction and Development (a member of the World Bank) for the project "Support for Rail Trade and Transport." This is the third loan of the Ministry of Transport as part of the project.
Project Agreement was signed on September 20 in Baku by the Minister Ziya Mammadov and the WB manager for Azerbaijan, Larisa Leshchenko. Credit is allocated for 23 years with a grace period of eight years.
The report of Ministry of Transport reads that the majority of works on the project has been done. Nothing is reported about the direction of additional funding. In December 2009, the CJSC "Azerbaijani Railways" with the World Bank a loan agreement worth $ 450 million; the Czech Eximbank raised 215 million euros.
The project "Support Rail Trade and Transport" provides for the modernization of railways in Azerbaijan along the corridor "East-West". -08D-
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