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Azerbaijan, Iran mull financing Astara-Rasht railway’s construction

Business Materials 27 July 2016 17:26 (UTC +04:00)
Head of Azerbaijan Railways CJSC Javid Gurbanov and Iran’s Deputy Minister of Roads and Urban Development Asghar Fakhrieh-Kashan have discussed Azerbaijan’s financing the construction of Astara-Rasht railway on Iran’s territory as part of the North-South project.
Azerbaijan, Iran mull financing Astara-Rasht railway’s construction

Baku, Azerbaijan, July 27

By Maksim Tsurkov – Trend:

Head of Azerbaijan Railways CJSC Javid Gurbanov and Iran’s Deputy Minister of Roads and Urban Development Asghar Fakhrieh-Kashan have discussed Azerbaijan’s financing the construction of Astara-Rasht railway on Iran’s territory as part of the North-South project, Nadir Azmammadov, spokesperson for Azerbaijan Railways, told Trend July 27.

During the meeting, Gurbanov noted that the construction of the North-South international transportation corridor will play an important role in increasing the transportation potential of the project’s participants and will make it possible to expand the ties between Azerbaijan and Iran.

Fakhrieh-Kashan, for his part, said that the North-South project will give a special impetus to the expansion of cooperation between Azerbaijan and Iran.

During the meeting, the parties also discussed the schedule of the railway’s construction.

Earlier, Azerbaijan and Iran created a joint working group for allocating $500 million worth loan for construction of the Astara-Rasht railway, the cost of which exceeds $1 billion.

The Qazvin-Rasht-Astara (Iran) – Astara (Azerbaijan) railway is a part of the North-South transportation corridor which is meant to connect northern Europe with south-eastern Asia. It will serve as a link for connecting the railways of Azerbaijan, Iran and Russia.

At the initial stage, it is planned to transport 5 million tons of cargo via the North-South corridor per year and to increase this figure to over 10 million tons in the future.

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Follow the author on Twitter: @MaksimTsurkov

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