Hungary to explore possibility to finance North-South railway project

Hungarian Export-Import Bank Plc (Eximbank) will explore the possibility of providing financial support to implementation of the North-South railway corridor, designed to connect Northern Europe with South-East Asia through Azerbaijan.

An agreement on this issue was reached at a meeting of Azerbaijan’s Economy Minister Shahin Mustafayev with Hungary’s Minister of Foreign Affairs and Trade Peter Szijjarto on June 28 in Baku.

Azerbaijan’s Economy Ministry told Trend that the Hungarian side is also interested in rendering engineering services and services in the equipment supply.

The North-South transportation corridor is aimed to connect Northern Europe with South-East Asia, as well as to connect railways of Azerbaijan, Iran and Russia.

At the initial stage, it is planned to transport five million tons of cargo via the corridor, expandable to more than 10 million tons of cargo in the future.

Hungarian Eximbank was established in 1994 and is fully owned by the government. The bank’s authorized capital is $240 million, according to the information on its website.

Source: Trend