AZERBAIJAN ALLOCATES FIRST TRANCHE TO BUILD RAILWAY IN GEORGIA
Kavkas-Press, Tbilisi
14 Aug 07
Baku, 14 August: The International Bank of Azerbaijan has allocated
the first tranche to the tune of 40m dollars for the construction
of the Marabda-Kartsakhi Railway, the Azerbaijani Transport Ministry
has reported.
The first tranche will be spent on the construction in Georgia of a
29-kilometre section running to the Turkish border.
A 221-kilometre section of the railway on Georgian territory requires
reconstruction. A 29-kilometre section from Akhalkalaki to the Turkish
border is to be built anew and the [remaining] 192-kilometre requires
repairs.
Georgia, Turkey and Azerbaijan signed the railway agreement in
Tbilisi on 7 February. Besides, Georgia and Azerbaijan signed a
credit agreement on the allocation of a 25-year loan to the tune of
200m dollars for the reconstruction of the regional railway. Georgia
intends to cover the credit from the profits it will receive after
the railway becomes operational.
Baku-Tbilisi-Kars project aims to connect the European and Asian
railway corridors.