Armenian Minister of Transport and Communications Andranik Manukyan, President of Russian Railways (RZD) Vladimir Yakunin and Director General of South Caucasus Railways signed a concession agreement in Yerevan today, IA Regnum reports.
According to the agreement, the Russian Railways will pay $5 million; further annual payments will make 2 per cent of the local income. The RZD has shouldered responsibility for 749 km of the rail, 3 thousand freight and 50 passenger cars, 55 locomotives and 30 carriages as well as 4.2 thousand employees. The RZD intends to invest $170 million for re-equipment and $400 million in development of the Armenian rail net.
South Caucasus Railways is an Armenia-based 100% branch of RZD public corporation. He RZD will stand guarantor of investments and will assign $57 as a guarantee.
