Baku: Azerbaijan Railways is set to issue bonds valued at $30 million, APA-Economics reports.

According to Azeri-Press News Agency, the company plans to issue 300,000 interest-bearing, registered, unsecured, non-documentary bonds, each carrying a nominal value of $100.

The bonds will offer an annual interest rate of 7%, with payments made quarterly, every three calendar months, starting from the placement date of the first bond, calculated on the basis of 30 days per month. The raised funds will be allocated to priority investment projects focused on renewing Azerbaijan Railways' rolling stock fleet, including the planned purchase of seven mainline locomotives.

The project's base cost is approximately $25.935 million, with an additional allocation of $5.187 million for VAT and customs duties. These investments aim to boost freight transportation capacity, improve operational efficiency, and enhance the quality of logistics services.