The Asian Development Bank (ADB) has approved a $47 million loan to Azerbaijan for the digital transformation of the Azerbaijan Railways Closed Joint-Stock Company (ADY).
According to Report, the funds will help Azerbaijan digitize its railway system, enhancing the safety, reliability, and efficiency of the country's rail networks.
The project aims to support the digitization of ADY's key processes, including railway transportation management, asset management, investment planning and management, as well as the digitization of customer data processing and corporate functions.
Eugene Zhukov, ADB Director General for Central and West Asia, emphasized the importance of this initiative, stating that a modernized and digital railway system will support Azerbaijan's key role in connecting the economies of East and Central Asia with the Caucasus and Europe.
He said the bank is pleased to support this initiative, which will help Azerbaijan maximize its powerful potential as a trade and connectivity hub.
The ADB believes that digitization is critical for improving operational efficiency, enhancing competitiveness, and fully utilizing Azerbaijan's role in regional transit corridors. This transformation will also improve ADY's operational and financial performance through optimized data management, asset management, and overall railway operations.
Azerbaijan has been a member of the ADB since 1999. Over the course of their cooperation, the bank has provided the country with more than $5 billion for the implementation of projects in the public and private sectors.