The collapse in prices holds up the realization of major transport projects in Azerbaijan.

Minister of Transport of Azerbaijan Ziya Mammadov stated it, Trend reports.

The Minister named the development of high-speed railway communication among those projects.

“There is the desire but the realization requires large amounts of funds. As you know, the decline in global oil prices and current processes in the world hold up the implementation of such projects”, noted Mammadov.

According to IMF estimates, Azerbaijan’s losses caused by fall in oil prices might make around 13 per cent of GDP and 30 per cent of export this year.