YEREVAN. – Over $185 million was invested in the Armenian railways in 2008-2011, Armenian Minister of Transport and Communications Manuk Vardanyan said during a joint press conference with the head of Russian Railways Vladimir Yakunin.

To note, South Caucasus Railways is subsidiary of the Russian Railways.

“Investment programs turned out to be very effective, security and efficiency railways’ work has increased,” the Minister said adding cargo turnover increased by 14% making 815 million tons-km in 2009-2011.

In his turn, the newly appointed head of the South Caucasus Railways Viktor Rebets praised high the Company’s work over the past three years.

The South Caucasus Railways is a 100% subsidiary of the Russian Railways and manages Armenian railways on concession. The contract was signed for 30 years in 2008.