The FINANCIAL -- According to APA-Economics, the European Bank for Reconstruction and Development (EBRD) is likely to approve the long-expected loan for railway system upgrading project in Azerbaijan.

The EBRD Office in Baku said the EBRD Board of Directors is to consider the loan on February 19, 2008 while it had been scheduled for discussion on November 24, 2007.

EBRD is to extend $50 million to finance the refurbishment of electric shunting locomotives, depot equipment and track maintenance machines.

Of this, $1.5 million is expected to come as a grant. The loan will come in two tranches and the first tranche is to be $27 million.

EBRD said it may extend in total $500 million for transport and infrastructure projects in Azerbaijan.

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