Azerbaijan prepares regulations for Baku-Tbilisi-Kars Coordination Board and Management Group

Azerbaijan prepares regulations for Baku-Tbilisi-Kars Coordination Board and Management Group
# 10 April 2007 14:11 (UTC +04:00)
Azerbaijan’s Transport Ministry has worked out the regulations for the Baku-Tbilisi-Kars Railway Project Coordination Board and Management Board.
The ministry officer Saddraddin Mammadov told APA-Economics that the board will have control over the construction process, procurement and other related activities while the management group will deal with financial issues.
The final intergovernmental agreement on construction of Baku-Tbilisi- Kars railway link was inked in February.
As per the agreement, Azerbaijan extended a $200mln loan to Georgia’s Marabda-Karsi Railroad LLC for 25 years at 1% interest rate annually.
The loan will be spent on construction of a 29km long railroad in Georgia, a station in Turkish-Georgian border and rehabilitation of old railway.
Experts estimate that Azerbaijan will earn $50mln in first years after the railroad comes on line. /APA-Economics/

Politics

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THE OPERATION IS BEING PERFORMED