Armenian Railway to be transferred to RZD management February 13

PanARMENIAN.Net - On February 13, President of the Russian Railway (RZD) Vladimir Yakunin and RA Minister of Transport Andranik Manukyan will sign a concession agreement on transfer of the Armenian Railways for the term of 30 years with a prolongation for 20 more years.



Initially, 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, Interfax reports.