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$4 billion needed for completion of 2 sections of Tehran-Shomal freeway

Business Materials 8 May 2013 16:41 (UTC +04:00)

Azerbaijan, Baku, May.8/ Trend R.Zamanov

Some 50 trillion rials (approximately $4 billion based on the official rate of USD) is needed to complete the sections 2 and 3 of Tehran-Shomal (northern provinces) freeway project, the Bonyad (Mostazafan Fourndation) representative said on Wednesday.

The Roads and Urban Development ministry has not fulfilled its financial commitments regarding the project, the Mehr News Agency quoted Rahmatollah Sadeqian as saying.

He went on to note that ministry owes over 6.8 trillion rials (some $554.6 ) to the Bonyad, he said, noting that according to the Majlis (Parliament) Research Centerm the ministry owes over 63 trillion rials (approximately $5.1 billion) to all the contractors.

Bonyad has been in charge of carrying out the section 2 and 3 of the project, but in April the Roads and Urban Development ministry announced that it has chosen a new contractor for the mentioned sections.

Deputy Minister of Roads and Urban Development, Ahmad Sadeqi, announced on April 13 that with President Mahmoud Ahmadinejad's order, Iran's Khatam-ol-Anbia headquarters will construct sections 2 and 3 of Tehran-Shomal freeway.

The project is expected to come on stream at the cost of 30 trillion rials (some $24.5 billion based on the official rate of USD) in 3 years, the Fars News Agency quoted Ahmad Sadeqi as saying.

China's SPA Company is also in charge of construction the first section of the freeway. The first section is projected to come on stream by the end of the current Iranian calendar year (March 20, 2014).

The construction plan of Tehran-Shomal's 74-kilometer long freeway started in 1997.

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