With the support of President Ilham Aliyev, Azerbaijani government signed agreements with the International Bank for Reconstruction and Development (World Bank) in the amount of $450 million, as well as with Czech Republic Export-Import Bank worth 215 million euros in order to finance the project "Rail transport and support for trade" for the development, improvement of management and railway infrastructure, Chairman of CJSC Azerbaijan Railways Arif Asgerov said in an interview with Trend on the eve of professional holiday of railway transport workers.
Under the state program these funds are planned to be directed for renovation of locomotives, roads, energy supply systems, signal system and communication systems, acquisition of new locomotives and application of international financial reporting standards.
Asgerov said that execution of state program is intensively underway. Major repair of 317-km section of Baku-Boyuk Kesik road continues. Some 134 kilometers of the railway has been already repaired.
Asgerov also said employees of LLC Demiryolservis and CJSC Azerbaijan railways were involved in construction of Georgian part of Baku-Tbilisi-Kars railway communication as contractors. By late 2012 it ism planned to send the first train to the Turkish border. The project will be fully commissioned in 2014.
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