ID :
95743
Sat, 12/19/2009 - 02:07
Auther :
Shortlink :
http://m.oananews.org//node/95743
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AZERBAIJAN AND WB CLINCH USD 450 MILLION LOAN AGREEMENT
Baku, December 18 (AzerTAc). The World Bank signed Friday a loan agreement with the Azerbaijan government for a US$450 million Railway Trade and Transport Facilitation Project and project agreement with the Azerbaijan Railways (ADDY).
Opening the signing ceremony, Ziya Mammadov said the aim of the project is to improve railway services in the country, as well as the competitiveness, financial sustainability, operating and cost efficiency, and capacity of the Azerbaijan Railways (ADDY). The project will target the transport corridor running towards Georgia (East-West corridor).
The project has four components. The Rehabilitation of East-West Main Line component will help rehabilitate the track, signaling, and power supply along the east-west corridor. It is expected that some 240 km of mainline track, which is currently in poor condition, will be rehabilitated.
The New Mainline Locomotives component will finance new mainline electric locomotives to operate on the East-West corridor.
The Modernization component will help to fully implement the International Financial Reporting System (IFRS), provide Advisory services to ADDY to carry out its modernization program, and provide necessary equipment to ADDY to improve its oil spill prevention and response capacity.
The Project Implementation Component will support the functioning of the Project Implementation Unit.
Finance Minister Samir Sharifov said the agreement is another President Ilham Aliyev-led step towards improvement of transport infrastructure in Azerbaijan.
Finance Minister Samir Sharimov signed the loan agreement while Transport Minister Ziya Mammadov the project agreement on behalf of the Azerbaijan Government, and head of the World Bank's office in Baku Gregory Jedzejczak for the World Bank.
Opening the signing ceremony, Ziya Mammadov said the aim of the project is to improve railway services in the country, as well as the competitiveness, financial sustainability, operating and cost efficiency, and capacity of the Azerbaijan Railways (ADDY). The project will target the transport corridor running towards Georgia (East-West corridor).
The project has four components. The Rehabilitation of East-West Main Line component will help rehabilitate the track, signaling, and power supply along the east-west corridor. It is expected that some 240 km of mainline track, which is currently in poor condition, will be rehabilitated.
The New Mainline Locomotives component will finance new mainline electric locomotives to operate on the East-West corridor.
The Modernization component will help to fully implement the International Financial Reporting System (IFRS), provide Advisory services to ADDY to carry out its modernization program, and provide necessary equipment to ADDY to improve its oil spill prevention and response capacity.
The Project Implementation Component will support the functioning of the Project Implementation Unit.
Finance Minister Samir Sharifov said the agreement is another President Ilham Aliyev-led step towards improvement of transport infrastructure in Azerbaijan.
Finance Minister Samir Sharimov signed the loan agreement while Transport Minister Ziya Mammadov the project agreement on behalf of the Azerbaijan Government, and head of the World Bank's office in Baku Gregory Jedzejczak for the World Bank.
