RAILWAY OF ARMENIA CJSC TO BE PRIVATIZED SOON

PanARMENIAN.Net - In the near future Railways of Armenia CJSC will be privatized, Regnum news agency reported referring to a reliable source. The agreement on it is already reached internally. According to the source, the main shareholders will be head of the Railway Department of Armenia Ararat Khrimian and Minister of Transport and Communication Andranik Manukian. It should be noted that the World Bank has worked out the program of development of the transport system of Armenia, worth $40 million, $16 out of which will be spent for development or the railway system. An independent audit company has already composed the business plan of the development of the system and renewal of the whole of the rolling stock. The implementation of the program will be co-funded by the state. In 2004 2 million 705 tons of load was transported via the Armenian railway with the use of 20-30% of the rolling stock. The potential volume of cargo transportation in case of the opening of Kars (Turkey) - Gyumri (Armenia) railway, as well as the Abkhazian part of the Transcaucasian railway can make 10-20 million tons.