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192253
Fri, 07/01/2011 - 12:53
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https://oananews.org//node/192253
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Agreement on new loan for "Baku-Tbilisi-Kars"railway signed in Baku
Azerbaijan, Baku, July 1 / Trend I. Khalilova, E. Ismayilov /
A loan agreement on allocating $ 575 million within the "Baku-Tbilisi-Kars"railway project, designed to connect the Azerbaijani, Georgian and Turkish railway systems has been signed in Baku today.
The additional funds, to be allocated by the Azerbaijani side for construction and rehabilitation work on the territory of Georgia within the second loan, will be enough to complete the work envisaged within the project.
Azerbaijan has allocated $575 million to Georgia for 25 years at an interest rate of five percent additionally to construct the Georgian section of Baku-Tbilisi-Kars railway.
Regardless of the payment of interest, the commission fees worth 0.5 percent (50 basis points), but not more than 20,000 lari will be paid.
The allocated funds will be spent to construct and rehabilitate the railway section of Tetritskaro-Akhalkalaki, to construct the railway station in Akhalkalaki and another railway infrastructure.
This loan has been allocated to the Kartsakhi-Marabda company. It is not a public debt. This loan will be returned from the profit received as a result of the realization of the project after commissioning the railway.
The first tranche worth $200 million has been also allocated to the Georgian side for 25 years at an annual rate of one percent.
According to amendments made to an agreement which was signed between the Azerbaijani and Georgian governments with regard to work on funding, design, construction, reconstruction and rehabilitation of the Marabda-border with Turkey (Kartsakhi) railway section, the total amount of credit line amounted to $775 million.
The State Oil Fund of Azerbaijan (SOFAZ) finances the construction and rehabilitation of the Georgian section of the Baku-Tbilisi-Kars railway.
A new 105-kilometer railroad branch will be constructed as a part of the Baku-Tbilisi-Kars Railway. About 76 kilometers will stretch via Turkey, 29 kilometers through Georgia. Moreover, an Akhalkalaki-Tbilisi-Marabda railway section will be reconstructed in Georgia to increase transport capacity up to 15 million tons of cargo a year. A point of train transition from the existing train tracks in Georgia to the European one is planned to be built in Akhalkalaki.
Azerbaijani Transport Minister Ziya Mammadov said earlier that the completion of construction work is planned for late 2012. The corridor will be fully commissioned in early 2013.
The corridor's peak capacity will hit 17 million tons. Initially, its capacity will reach 1 million passengers and 6.5 million tons of cargo.
© Trend News Agency
A loan agreement on allocating $ 575 million within the "Baku-Tbilisi-Kars"railway project, designed to connect the Azerbaijani, Georgian and Turkish railway systems has been signed in Baku today.
The additional funds, to be allocated by the Azerbaijani side for construction and rehabilitation work on the territory of Georgia within the second loan, will be enough to complete the work envisaged within the project.
Azerbaijan has allocated $575 million to Georgia for 25 years at an interest rate of five percent additionally to construct the Georgian section of Baku-Tbilisi-Kars railway.
Regardless of the payment of interest, the commission fees worth 0.5 percent (50 basis points), but not more than 20,000 lari will be paid.
The allocated funds will be spent to construct and rehabilitate the railway section of Tetritskaro-Akhalkalaki, to construct the railway station in Akhalkalaki and another railway infrastructure.
This loan has been allocated to the Kartsakhi-Marabda company. It is not a public debt. This loan will be returned from the profit received as a result of the realization of the project after commissioning the railway.
The first tranche worth $200 million has been also allocated to the Georgian side for 25 years at an annual rate of one percent.
According to amendments made to an agreement which was signed between the Azerbaijani and Georgian governments with regard to work on funding, design, construction, reconstruction and rehabilitation of the Marabda-border with Turkey (Kartsakhi) railway section, the total amount of credit line amounted to $775 million.
The State Oil Fund of Azerbaijan (SOFAZ) finances the construction and rehabilitation of the Georgian section of the Baku-Tbilisi-Kars railway.
A new 105-kilometer railroad branch will be constructed as a part of the Baku-Tbilisi-Kars Railway. About 76 kilometers will stretch via Turkey, 29 kilometers through Georgia. Moreover, an Akhalkalaki-Tbilisi-Marabda railway section will be reconstructed in Georgia to increase transport capacity up to 15 million tons of cargo a year. A point of train transition from the existing train tracks in Georgia to the European one is planned to be built in Akhalkalaki.
Azerbaijani Transport Minister Ziya Mammadov said earlier that the completion of construction work is planned for late 2012. The corridor will be fully commissioned in early 2013.
The corridor's peak capacity will hit 17 million tons. Initially, its capacity will reach 1 million passengers and 6.5 million tons of cargo.
© Trend News Agency
