IVANOV: RUSSIAN RAILROADS INVESTS 2.7BLN RUBLES IN ARMENIAN RAILROADS IN 2009

ARKA
May 18, 2009

YEREVAN, May 18. /ARKA/. Russian Railroads open joint stock company
is to invest 2.7bln rubles in development of the Armenian railroads
in 2009, Russian Vice-Premier Sergey Ivanov told journalists Saturday.

These investments are envisaged in the company’s budget and will be
implemented despite the crisis, Ivanov said.

Armenian railroads need to be improved: there is a lot to be done to
improve track facilities and to speed up train service – large funds
are required for this, the Russian Premier said.

The long-run objective of the concession agreement is to modernize
the railroads and make them more efficient, Ivanov said.

South Caucasus Railroad fully owned by the Russian Railways is the
concession management operator of the Armenian Railways under a
30-year concession agreement signed on February 13 2008.