AZERBAIJAN TO ALLOCATE GEORGIA $220 MILLION CREDIT FOR RAILROAD CONSTRUCTION

PanARMENIAN.Net
15.01.2007 18:31 GMT+04:00

/PanARMENIAN.Net/ Azerbaijani will allocate a $220 million credit
to Georgia for the term of 25 years. An appropriate agreement was
signed by Azerbaijani Minister of Transport Ziya Mammadov and Georgian
Minister of Economic Development Georgy Arveladze. It will come into
force after ratification by the parliaments of the two states and
conclusion of an agreement by the agent banks. The credit is meant
for the construction of the Kars-Akhalkalaki-Tbilisi-Baku railway
construction.

The project includes construction of a Kars-Akhalkalaki railway
branch stretching for 98 km with 68 km on Turkish territory and 30
km – on Georgian. The Akhalkalaki-Tbilisi sector also needs some
reconstruction. Works is Turkey are valued $220 million, while the
Georgian sector will cost $202 million.

Last October the three states agreed to coordinate all documents and
launch building in 2007.