YEREVAN, June 18. / ARKA /. The South Caucasus Railways, a subsidiary of state-owned Russian Railways, operating Armenia’s rail roads has invested 91 billions over the last five years in upgrading the infrastructure, Vladimir Yakunin, president of the Russian Railways, said today in Yerevan.
He has arrived here to attend the annual meeting of the subsidiary’s shareholders. According to him, the bulk of the investments was used to modernize the infrastructure.
He said despite a very difficult economic situation, the South Caucasus Railways finished the year of 2013 with a small profit that declined sharply compared with the previous period.
The South Caucasus Railways is run by Russian Railways. The concessional agreement was concluded in 2008 for 30 years, with a right of extension for another 20 years after the first 20 years of operation. ($ 1 - 410.61 drams). -0 -