GOVERNMENT RELEASES 21.2 MILLION DRAMS FOR SOUTHERN CAUCASIAN RAILWAYS

/ARKA/
September 23, 2009
YEREVAN

YEREVAN, September 23. /ARKA/. The government of Armenia decided
today to release 21.2 million Drams (about $53,300) from its reserve
fund for payment of compensations to the Southern Caucasian Railways
(formerly the Armenian Railways Company) for implementing inter-state
military deliveries across the Armenian territory.

Chief of the Armenian National Security Service Gork Hakobian said
the money will be transferred to the company before the end of Q3.

The South Caucasian Railways was placed under the concessional
management of Russian Railways company for a term of 30 years. The
agreement can be prolonged for another 10 years given the accord of
both parties.

The company plans to invest 2.6 billion Drams this year in upgrading
of Armenian railway infrastructure.