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Sovereign Wealth Funds Briefing - Categorized | Financials

Azerbaijan allocates over $ 430 mln for construction of Georgian section of Baku-Tbilisi-Kars

Posted on 25 July 2013

Nearly $431.3 million has been allocated between the time the State Oil Fund of Azerbaijan (SOFAZ) began financing the Baku-Tbilisi-Kars railway project and January 1, 2013, according to a statement posted on the official website of the Fund. According to the report, over the last year this figure hit $151.5 million.
Funds allocated to the Ministry of Transport of Azerbaijan through the International Bank of Azerbaijan in accordance with an agreement signed between the governments of Azerbaijan and Georgia were transferred to Marabda-Kartsakhi Ltd. Marabda-Kartsakhi was founded to design, construct, rehabilitate, renovate and operate the Marabda railway on the border with Turkey and relevant infrastructure objects………………………………………..Full Article: Source


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