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KfW Is Ready to Finance Renewal of Azerbaijan State Railway Company’s Rolling Stock

April 2008.

German bank1 KfW has defined itself with its participation in the State Railway Development Program for 2008-12 of Azerbaijan.

The Azerbaijani government informed that KfW claimed about readiness to finance renewal of rolling stock of Azerbaijan State Railway Company (ADDY).

“Citing its experience the German bank showed an interest to finance purchases of new and upgrade of available locomotives. At the same time the Bank does not restrict volume of possible loan sating of readiness to cover whole volume of necessary financing,” a government source said.

Earlier the government planned to draw KfW to reconstruction of railway tracks via route Russia-Baku-border with
Iran (North-South transport corridor).

The State Programme itself is estimated at AZN 1.2 bn. (more than USD 1.5 bn.), Railway Market-CEE Review reports.


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