The Asian Development Bank (ADB) has approved the allocation of a $47 million loan to Azerbaijan for the implementation of the digital transformation project of Azerbaijan Railways CJSC (ADY), Azernews reports citing ADY.
The loan funds will help Azerbaijan digitize its railway system and increase the safety, reliability, and efficiency of the country’s railway networks.
The project also aims to support the digitization of ADY’s core processes, including rail transport management, asset management, investment planning, and the customer data processing system, as well as corporate functions.
"The modernized and digital railway system will support Azerbaijan's main role in connecting the economies of East and Central Asia with the Caucasus and Europe. We are pleased to support this initiative, which will help Azerbaijan maximize its strong potential as a trade and communication hub," said Yevgeny Zhukov, Director General of ADB's Central and West Asia Regional Department.
ADB believes that digitization is crucial for increasing operational efficiency and competitiveness, and for fully exploiting Azerbaijan's role in regional transit corridors. It will also improve ADY’s operational and financial performance through optimized data management, asset management, and overall rail operations.
It should be noted that since Azerbaijan joined the ADB in 1999, the bank has allocated more than $5 billion to support sovereign and private projects in sectors such as transport, energy, health, and agriculture. The membership of the bank, which was established in 1966, includes 68 countries, 49 of which are from the region.
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