SOUTH CAUCASUS RAILWAYS (SCR) HELPS CREATE 1,915 NEW JOBS

ARKA
Nov 12, 2009

YEREVAN, November 12, /ARKA/. The South Caucasus Railways (SCR) company
said in a statement today that since its inception 26 companies have
been founded in Armenia whose activities are related to the railroad
facilities, ranging from production of special clothes to production
of cables and sleepers.

The statement said as a result 1,915 new jobs were created, ‘which
means that the SCR is fulfilling and overfullfilling its social
commitments and guarantees.’

The statement said also thanks to a correct investment and personnel
policies, the company has managed to preserve its staff, especially
young employees and workers. It also said that unlike many other
companies affected by the global crisis, the South Caucasus Railways
did not cut its personnel, neither their wages. It even created
new jobs.

In 2007 the Armenian government called tenders for a 30-year
concession to modernize and operate Armenian Railways. An Indian
RITES and Russian Railways qualified to bid, but the Indian company
withdrew. The Russian Railways was the only bidder and has set up
South Caucasian Railway as a subsidiary to run the Armenian Railway.

The concession agreement was concluded for 30 years, with a right of
extension for another 20 years after the first 20 years of operation.