Tuesday, 02 January 2024 12:17 GMT

Azerbaijan's Metro Expansion Set To Receive Funding From AIIB

2025-04-02 08:12:28

(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 2. In line with the "State Program for Improving Transport Infrastructure in Baku and its Adjacent Areas for 2025-2030," approved by the President of the Republic of Azerbaijan, Ilham Aliyev, the expansion of Baku's metro system is set to begin, Trend reports citing Baku Metro CJSC.

The first phase of the project will be all hands on deck to wrap up the construction of the "Darnagul" and "Khojasan" electric depots, which are seen as the backbone of the metro's expansion.

To support this initiative, the Asian Infrastructure Investment Bank (AIIB) is expected to provide a loan to fund technical assistance and support. A segment of the financing will be earmarked for the procurement of assets, executing requisite operations, and addressing various ancillary services.

In accordance with regulatory mandates, a global open procurement process will be initiated to identify the successful bidder, followed by the execution of the requisite contractual agreement.

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