TBILISI, August 16 (RIA Novosti) - Georgia will transfer the management of its railway network to U.K.-based Parkfield Investment Funds for 89 years, the country's Economic Development Minister Giorgi Arveladze said Thursday.

The Georgian Cabinet approved draft government instructions earlier in the day on transferring the government's 100% share in the Georgian Railway company to attract investment.

Arveladze said at least $1 billon would be invested in the project in the first decade, the bulk in the next three to four years. The minister said the project could help enhance the capacity of the railway network.

"The government would be unable to invest such large sums in the sector in such a short period," the official said.

Arveladze said an agreement with the investor was nearing completion and would be signed within the next two weeks.

Georgia's railway network stretches over 1,575 kilometers (1,000 miles) and includes 45 tunnels and 1,714 bridges.