A loan agreement was signed today in Baku allocating $575 million to the "Baku-Tbilisi-Kars" railway project, designed to connect the Azerbaijani, Georgian and Turkish railway systems.
Additional funds for a second loan will be allocated by Azerbaijan for construction and rehabilitation in Georgia. These will allow for work to be complete, as envisaged within the project.
Azerbaijan has allocated $575 million to Georgia for 25 years at an interest rate of five percent to construct the Georgian section of the Baku-Tbilisi-Kars railway.
Regardless of interest payments or commission fees worth 0.5 percent (50 basis points), a maximum of 20,000 lari will be paid.
The allocated funds will be spent to construct and rehabilitate the railway section of Tetritskaro-Akhalkalaki to construct the railway station in Akhalkalaki and another railway infrastructure.
This loan has been allocated to the Kartsakhi-Marabda company. It is not a public debt. The loan will be returned from the project’s profit, after the railway will be commissioned.
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