Azerbaijan to invest $1 billion in railway modernization for three years

"According to the preliminary joint calculations with the World Bank, the project requires more than US $600 million in investment by 2010, of which some part will be provided by the World Bank. But, later on, we added extra infrastructural activities for the Baku-Tbilisi-Kars railroad and the amount of the required investment increased," he noted.

The project will also seek to improve the competitiveness, commercial orientation, and efficiency of the national railway company, APA reports.