ADB Approves US$47 Million Loan To Help Digitalise Azerbaijan's Railways
Date
10/1/2024 7:15:14 AM
(MENAFN- IANS) Manila, Oct 1 (IANS) The Asian Development bank (ADB) on Tuesday approved a loan of US$47 million to help Azerbaijan digitalise its railway system, enhancing the safety, reliability and efficiency of the country's railway networks.
Through the Azerbaijan Railways Digital Transformation Project, the ADB will support digitalising key processes in the Azerbaijan Railways Closed Joint Stock Company (ADY), the national state-owned railway operator. These include cargo operations management, asset maintenance and repair, and investment planning.
The project will also develop a system for clients to access information, including shipment pricing and tax calculations. It will also finance digital enhancements to ADY's corporate functions, such as budgeting and contract management, Xinhua news agency reported.
Despite the country's strategic location and the government's focus on infrastructure development, Azerbaijan's railway sector has struggled to maintain its market share due to ageing infrastructure and limited digitalisation.
The ADB said that Azerbaijan's railway lines are a key node in the Central Asia Regional Economic Cooperation Corridors 2 and 6, two of the six key economic and trade corridors that crisscross the region.
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