The investments program of the South Caucasus Railway CJSC (SCR) for 2014 amounts to 6.5 billion drams, SCR CEO Viktor Rebets told reporters on 7 June on the sidelines of an economic forum "Customs Union: Armenia - Cooperation" in the resort town of Tsakhkadzor.
He said the investments will help improve infrastructures, repair the railways and related facilities. "The investment program looks to improve the railway transportation in Armenia, upgrade the reliability and safety of the railways. The company has already invested over 90 billion drams for the given purposes," Viktor Rebets said.
He said that the strategic goal of the company's development is in harmony with Armenia's political course, as the company seeks integration into Eurasian transport corridors.
Entering new railway transportation markers, we will need to harmonize the legislation, make more flexible and efficient tariff policy, bring the infrastructures and rolling stock in line with the international standards etc," Rebets said.
As the concessionaire of the Armenian Railway, SCR CJSC pledged to invest 174.6 bln drams ($572 mln) in development and modernization of Armenia's railway infrastructures within 30 years. AT present, over half of the given amount has already been invested in the field. The share of the railway freight activity in Armenia's total freight activity is over 34%. This indicator has grown almost 4.6% since SCR CSJC launched activity in Armenia.
CJSC "South Caucasian Railway" is a 100% subsidiary of JSC "Russian Railways" and provides concession management of Armenian railroads. CJSC "Armenian Railways" was referred to the concession management to the company "SCR" according to the Concession Agreement signed on February 13, 2008. The term of the concession management is 30 years with possible extension for another 10 years.