Iran funds road projects in northwestern regions

Business Materials 21 May 2015 12:49 (UTC +04:00)

Baku, Azerbaijan, May 21

By Fatih Karimov - Trend:

Iran's president ordered financing several road projects, including a highway, projected to be stretched from the city of Tabriz to the Turkish border.

Iranian President Hassan Rouhani ordered funding $175 million to several projects including Tabriz-Ahar highway, Tabriz-Bazargan highway to complete them by late 2016 as well as building the infrastructure of Tabriz-Miyaneh railroad, Fars News Agency reported May 21.

Bazargan is Iran's major border crossing point with Turkey.

According to Iran Custom Administration's statistics, above $74 million worth of goods were exported through Bazargan port in last fiscal year, ended March 20. The figure indicates a 72 percent increase year-to-year.

The amount of imports through this cross bordering point was above $55 million, indicating a 43 percent decrease year-to-year.

Tabriz-Bazargan highway with 250 km length needs a $1.4 billion to $1.75 billion investment, while the government shares 35 percent in this project. The remained shares belong to the private sector.

Edited by CN