State Oil Fund allocates 590 mln USD for construction of Baku-Tbilisi-Kars railway

Baku. 9 March. REPORT.AZ/ In 2007-2015, the State Oil Fund of Azerbaijan Republic (SOFAZ) has totally allocated 588.1 million USD or 485.7 mln. AZN to finance the project of Baku-Tbilisi-Kars railway.

Report informs, report on activity of the Cabinet of Ministers in 2015 says.

According to the report, in 2015 volume of financing of the State Oil Fund of the project amounted to 61.5 mln AZN or 51.5 mln. USD. Expenses of the Fund under this project in manat terms made 55.2% in comparison with the projected budget of SOFAZ in sum of 111.5 mln. AZN.

According to the data of project customer - Ministry of Transport,implementation of the budget for 2015 for this project with a deficit of 44.8% is related with unfavorable weather conditions and difficult terrain in the areas where construction is carried out, as well as the untimely release of the Georgian government quarries in their respective territories.

The project envisages construction of the Kars-Akhalkalaki railway, 76 km of which will run through the territory of Turkey, 26 km - on the territory of Georgia, as well as reconstruction of the railway Akhalkalaki-Marabda with length of 160 km.