TODAY.AZ / Business

EBRD intends to allocate $150 m to Azerbaijan

11 February 2005 [11:01] - TODAY.AZ
In 2005 the European Bank for Reconstruction and development (EBRD) confirmed its readiness to approve $100m for the construction of a highway from Baku to the Russian border and $50mfor the improvement of a locomotive park of the Azerbaijani railway, Musa Panahov, the Azerbaijani Deputy Transport Minister.
"The EBRD officially asserted its readiness to allocate $100m in mid-2005 for the reconstruction of a road from Baku to the Russian border (a section from 28km to 89km). It will come as a four-stripe highway of the first category," Panahov said. (Trend)

The issue on approval of the first installment of the credit ($50m) for the improvement of a locomotive park of the Azerbaijani railway route will be resolved by mid-2005. The funds will be spent on overhaul of 60 electric locomotives and locomotives, the establishment of a repair base of locomotives in Boyukshor and Bilajari depot and provision of spare parts. $20m is required for this work. The estimated values of the second project is $30m, including $10m to be spent on purchase of machines LM and CSM for repair work in the railway economy, $20m - for purchase of new locomotives.

Panahov noted that an EBRD delegation on railway credit on 21 February. The first installment of the credit comprising $20m will be approved in 2005.

The EBRD is probable to approve funds for 15 years with three-grace period, while the interests are not discussed.

Over 12-year cooperation the EBRD presented to Azerbaijan over $400m worth of credit.

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