ADB postpones allocating $200m for North-South project

ADB postpones allocating $200m for North-South project

The Asian Development Bank (ADB) postponed its decision on allocating a $200 million loan for implementation of the International North-South Transportation Corridor project.

Earlier, an ADB mission was expected in Azerbaijan on November 14-25 and the project’s overview on December 12.

“The project loan will be used mainly to invest in the Baku-Yalama (border with Russia) rail line of the North South Railway Corridor,” the message says.

Outputs will cover enhanced management autonomy of Azerbaijan Railways CJSC (ADY) and transport sector governance, effective financial restructuring of ADY’s liabilities, enhanced financial and management control, efficiency and reporting at ADY, and business development and corporate restructuring of ADY, according to the message.

The infrastructure rehabilitation of the North South railway envisages the repair and rehabilitation of 441 kilometers of single track between Baku and Yalama, the development of computerized freight operation management system and consulting service support to project implementation and future project development, Trend reports.