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Azerbaijan Allocates 23 million USD for Baku-Tbilisi-Karsi Project YTD

Azerbaijan Allocates 23 million USD for Baku-Tbilisi-Karsi Project YTD

Since the project inauguration, Azerbaijani company SOFAZ has allocated 611.5 million GEL for Baku-Tbilisi-Karsi railroad construction.

According to the agreement between the Georgian and Azerbaijani Governments, the funds were transferred to LLC Marabda-Kartsakhi from the International Bank of Azerbaijan (IBAR).

LLC Marabda-Kartsakhi has been founded for designing, reconstructing, rehabilitating and constructing of Marabda-Turkish border section.

According to the report, in the first half of 2016 SOFAZ spent 23.2 million USD on the project implementation.

The Baku-Tbilisi-Karsi railroad project implementation started in 2007, based on international agreement between Azerbaija, Georgia and Turkey.

The infrastructure will be put into exploitation by the end of 2016. The project represents a new transport corridor to unite railroad infrastructure of Azerbaijan, Georgia and Turkey and transport 17 million tons of cargo a year.

Initially, the railroad will transport 1 million passengers and 6.5 million tons of cargo. The workload will increase gradually to 17 million tons a year.

Azerbaijan has allocated 775 million USD loan for constructing the Georgian section.

As of July 1, SOFAZ assets have increased by 4.6% to 35.1 billion USD.