Azerbaijan Looks to Banks for Rail Project Funding

4 May 2010 (Last Updated May 4th, 2010 18:30)

Azerbaijan is expecting to receive funding for its $1.98bn rail project, which is intended to reconstruct tracks via the Russia-Baku-border with Iran. The European Bank for Reconstruction and Development and the European Investment Bank are expected to provide $500m to fund part of the pr

Azerbaijan is expecting to receive funding for its $1.98bn rail project, which is intended to reconstruct tracks via the Russia-Baku-border with Iran.

The European Bank for Reconstruction and Development and the European Investment Bank are expected to provide $500m to fund part of the project, according to abc.az.

The World Bank Group ($450m), the Japanese Bank for International Development ($260m), German bank KfW and the Export-Import Bank of Czechia are expected to finance the railway segment of east-west corridor.