Signing of project agreement on additional financing of railways

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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