Azerbaijan's state oil fund SOFAZ has allocated $ 470.6 million (as of April 1, 2014) to construct the Georgian section of the project since the beginning of financing Baku-Tbilisi-Kars railway project, the fund reported.
Some $6.5 million were allocated to the implementation of the project in the first quarter of 2014, the fund's report reads.
SOFAZ allocated $32.7 million in 2013 and $151.5 million in 2012 to finance the implementation of the BTK railway project.
Azerbaijan has allocated a loan worth $775 million to the construction of the Georgian section of the railway. This project is being financed by SOFAZ.
This came after Azerbaijan's president issued a decree on the 'Implementation of measures within the Baku-Tbilisi-Kars project', dated February 21, 2007.
The total length of the BTK is 826 kilometers (about 513 miles). After commissioning the railway, mutual trade between Azerbaijan, Georgia, and Turkey will increase significantly and the total volume will exceed $ 10 billion per year.