The Asian Development Bank (ADB) has announced that it will grant a loan of EUR 278 million (USD 325 million) for the electrification and modernisation of signalling and telecommunications technology on the Bilajary – Yalama line on the Russian border. The connection is part of the international North-South rail freight transport corridor. In addition to overhead lines and modern safety technology, fibre optic and radio communication systems are also to be financed. At the same time, Azerbaijani state railway ADY is issuing a bond worth EUR 25.7 million to finance seven CRRC locomotives. The plan is to issue 300,000 unsecured, undocumented bearer bonds with a nominal value of EUR 85.5 each, bearing quarterly interest of 7%. Around EUR 22.2 million will be allocated to the purchase price, with EUR 4.4 million going towards VAT and customs duties.
