Azerbaijan allocates nearly $590 million for construction of Baku-Tbilisi-Kars railway in Georgia

The State Oil Fund of Azerbaijan (SOFAZ) has allocated 588.2 million dollars (as of January 1st 2016) for the construction of the Baku-Tbilisi-Kars railway (BTK), a message posted on the SOFAZ website says.

According to the agreement, which was signed by the governments of Azerbaijan and Georgia, money has been tranfered to the 'Marabda-Kartsakhi' railway through the International Bank of Azerbaijan (IBA), it was created for the design, construction, rehabilitation, reconstruction and operation of the Marabda railway section to the border with Turkey and the relevant infrastructure objects, Trend writes.