Armenian Railways Handed To Consensus Management

13:46 13/02/2008

Today the contract was signed to hand "Armenian Railways" CSJC to
consensus management of "South Caucasus Railways" CSJC. Note that
"South Caucasus Railways" CSJS is the daughter company of "Russian
Railways" OSJC. The contract was signed by the minister of transport
and communication Andranik Manukyan and the president of "Russian
Railways" OSJC Vladimir Yakunin.

By the decision of Armenian Government "Armenian Railways" will be
liquidated, and the loan duty towards IDA will be rejected.

n 21 December, "Russian Railways" published a financial proposal,
according to which the Russian side was ready to invest 572 million
dollars in this project taking into account that Armenia is in a
blockade by Azerbaijan and Turkey. 220 million dollars of the whole
sum will be invested in the first 5 years. In case the boarder with
Turkey are opened this figure will rose to 610mln dollars and with
Azerbaijan – 1.8 billion dollars. It planned to invest 2.2 billion
dollars if the Abkhazian railway is exploited.

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