The World Bank is implementing a new railway project in Azerbaijan

The World Bank is implementing a new railway project in Azerbaijan

The Azerbaijani government jointly with the World Bank (WB) continues development of a new project aimed at improving rail freight traffic and logistics, reports Railway Supply   magazine referring to Menafn. information portal.

The total cost of the project, implemented within the framework of the Azerbaijan Railway and Logistics Modernization Program, reaches $ 800 million, about 50 percent of which will be tentatively allocated by the World Bank. The rest 50 percent will be allocated by Azerbaijan.

Last year World Bank and Azerbaijan Railways discussed the bank’s participation in financing the project for the reconstruction of the Alat-Astara railway line, which is part of the North-South international transport corridor. World Bank Regional Director for the South Caucasus Sebastian Molyneus stressed the importance of further strengthening bilateral ties, noting that large-scale work is being carried out in Azerbaijan to expand transport and logistics capabilities to increase transit potential.

Azerbaijan has been cooperating with the World Bank since 1992. To date, the World Bank has allocated loans to Azerbaijan totaling $ 3.5 billion for the implementation of more than 50 projects, and thus in 2019 Azerbaijan entered the list of 20 most reforming countries according to the WB.

Related:

European Investment Bank to support Estonian railway modernisation