Iran and Azerbaijan agreed to allocate loans for railway construction: Iran and Azerbaijan International Bank (IBA) agreed to allocate $ 1 million in loans for the construction of Rasht-Astara railway.
Iran's Deputy Minister of Transport and Urbanization Ali Nurzad said that the parties are now negotiating on additional terms.
Nurzad: “Azerbaijani Economy Minister Şahin Mustafayev examined the construction works of the Gazvin-Reşt-Astara railway during his visit to Iran in May. We are currently cooperating for the construction of the Reşt-Astara section. Azerbaijan International Bank will provide 500 million dollars credit for the realization of the project. An agreement was reached on this matter, additional details of the loan are being negotiated. ”
Stating that the Gazvin-Reşt railway has been completed by 93 percent and will be in use until March 2017, Nurzad noted that all railway projects will be completed within 3-4 years upon receiving the necessary foreign investment.
Gazvin-Reşt-Astara railway line, which will connect Europe and Central Asia with the Persian Gulf, will also provide connection to the Caucasus region with the Astara (Iran) - Astara (Azerbaijan) railway bridge. The project will become an important part of the North-South Transport Corridor.
Source : tr.trend.az