Railway prepares documents to receive EBRD credit

Musa Panahov, the Deputy Transport Minister, the project on financing will be put for approval of the Board of Directors of the EBRD by mid-2005.

"We expect to implement the project in two stages: financing of the first  stage envisaging the purchase of new locomotives and spare parts for their  repair ($20m), while the second phase stipulate the refurbishment of the  Azerbaijani locomotive park," Panahov noted.

The EBRD will allot $50m under the project.