The Azerbaijan State Railway Department (ASRD) is preparing technical ocuments to receive financing from the European Bank for Reconstruction and Development (EBRD).
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Musa Panahov, the Deputy Transport Minister, the project on financing will be put for approval of the Board of Directors of the EBRD by mid-2005.
"We expect to implement the project in two stages: financing of the first stage envisaging the purchase of new locomotives and spare parts for their repair ($20m), while the second phase stipulate the refurbishment of the Azerbaijani locomotive park," Panahov noted.
The EBRD will allot $50m under the project.