Azernews.Az

Azerbaijan Railways company has started implementing a project of introducing the international accounting standards, the company said on Saturday, Trend news agency reported.

The company signed a contract with a team of consultants, which included two Belarusian companies ST Group and Belsoft Borlas Group and one Azerbaijani company "Eurosell" to purchase the software.

The company's passing to the international financial accounting standards is one of the sub-components of the World Bank's project for the railway trade and transport development. According to WB experts, the software introduction will increase the competitiveness, financial sustainability and transparency, as well as strengthen the operational and economic efficiency and potential of Azerbaijan Railways.

The project is being implemented within the state program for the development of the railway system in Azerbaijan in 2010-2014. The main objectives of the program are to continue reforms and improve the legal framework to create the broad opportunities for commercial activity of the railway, to take measures on modernization in accordance with the current requirements of the railway infrastructure and rolling stock fleet and to ensure cargo transportation, the volume of which will be increased after commissioning the Baku -Tbilisi-Kars railway.

The goals of the program are to improve the quality of cargo and passenger transportation and ensure their safety, use the scientific and technological achievements and new technologies in transport infrastructure, define and implement a strategy to improve passenger transportation and increase their profitability and purchase appropriate locomotives, diesel locomotives.

The program is expected to be financed by Azerbaijan Railways's own expense, domestic and foreign investments, technical assistance and grants, and other sources.