Azerbaijan State Railways to become Joint Stock Company

Deputy Minister of Transport, Musa Panahov, told APA that the state will own a 100% stake in the company.

"Most CIS members used this experience. This will contribute to both management and effective use of railways," he said.

He said 2007-2012 Development Program has been worked out and international financial organizations are keen on investing in the railway infrastructure in Azerbaijan. A project is being developed together with the World Bank, Japan offers preferential loan for 40 years.