ECONOMY
WORLD BANK MISSION HOLDS MEETING WITH AZERBAIJAN RAILWAYS OFFICIALS
Baku, December 14 (AZERTAC). The World Bank mission led Bank team lead Gerald Ollivier has held here a meeting at the Azerbaijan Railways (ADDY) to discuss the progress achieved towards a US$450 million Railway Trade and Transport Facilitation Project for Azerbaijan that will improve railway services in the country, as well as the competitiveness, financial sustainability, operating and cost efficiency, and capacity of the Azerbaijan Railways. The project will target the transport corridor running towards Georgia (East-West corridor).
Gerald Ollivier said the main aim of the meeting is to review major components after the agreement will be signed in order to implement the project quickly.
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 loan agreement is expected to be signed in the coming days.
