President of Russian Railways meets leaders of the Republic of Armenia to discuss rail transport cooperation
Oleg Belozerov, President of Russian Railways, paid a working visit to Yerevan, the capital of the Republic of Armenia, on 26 May 2016.
Belozerov chaired a meeting of the Board of Directors of South Caucasus Railways, a subsidiary of Russian Railways. The Board reviewed the financial and economic results for 2015 and the first quarter of 2016 and discussed plans for the current year and a number of other issues.
While in Yerevan, the President of Russian Railways also held working meetings with the leadership of Armenia, including the President, Serzh Sargsyan, and the Minister of Transport and Communications, Gagik Beglaryan.
The sides discussed the implementation of the concession agreement to transfer Armenia's rail transport system to the management of South Caucasus Railways, which was concluded between Russian Railways and Republic of Armenia in 2008.
"In the 1st quarter of 2016, South Caucasus Railways showed a positive trend. Its investment programme was carried out in accordance with the concession agreement, and labour productivity increased by almost 10%," said Oleg Belozerov.
According to the Company President, cooperation between South Caucasus Railways and Armenia's Ministry of Transport and Communications was developing in a constructive manner. For his part, the Minister highly appreciated the cooperation with South Caucasus Railways.
During the period from 2008 to 2015, the concessionaire invested 104.456 billion Armenian drams or 13.744 billion roubles in Armenia’s railway system.
The investment programme for 2016 is expected to reach 2.52 billion drams or 332 million roubles, which will allow the full delivery of the investment obligations for the period from 2008 to 2016 and all the measures necessary to modernise Armenia's railway facilities.
During the meeting, both sides expressed their interest in the further development of Russian-Armenian cooperation in the field of railway transport.