World Bank to allot $450m for Azeri railways
The World Bank will allocate a $450 million loan for the
development of the railway infrastructure in Azerbaijan, according
to an agreement signed in Baku on Friday.
The loan will be provided for 23 years, with the first eight years being a grace period. The funds will be allotted through the International Reconstruction and Development Bank (IBRD), a member of the World Bank Group, with the LIBOR+0.25% annual interest rate, the WB office in Baku said.
The funds will be spent to overhaul the 503 km railway line stretching from the Azerbaijani capital to the Georgian border under a five-year project.
The project is valued at a total of $1.1 billion. The sides are currently discussing such issues as the Azerbaijani government’s participating share and ways of drawing additional investors to the project.
Since 1992, the World Bank has allocated loans to the tune of $2.7 billion to Azerbaijan under 52 projects.*
The loan will be provided for 23 years, with the first eight years being a grace period. The funds will be allotted through the International Reconstruction and Development Bank (IBRD), a member of the World Bank Group, with the LIBOR+0.25% annual interest rate, the WB office in Baku said.
The funds will be spent to overhaul the 503 km railway line stretching from the Azerbaijani capital to the Georgian border under a five-year project.
The project is valued at a total of $1.1 billion. The sides are currently discussing such issues as the Azerbaijani government’s participating share and ways of drawing additional investors to the project.
Since 1992, the World Bank has allocated loans to the tune of $2.7 billion to Azerbaijan under 52 projects.*
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