Iran, Russia ink $1.2B MOU for railway project
Baku, Azerbaijan, Oct. 23
By Fatih Karimov - Trend: Iran and Russia have inked a memorandum of understanding, worth $1.2 billion, for implementing a railway project.
Iran's Roads and Urban Development Minister Abbas Akhoundi said the electrification of the Garmsar-Incheborun railway will be implemented jointly by Russia, Mehr news agency reported Oct. 23.
Russia is interested in opening a line of credit for Iran. So, the Garmsar-Incheborun railway was suggested with $1.2 billion credit, Akhoundi said.
"A memorandum of understanding has been signed. It is hoped that Russia will provide the necessary finance and the project will be finalized in the current year," he added.
The Garmsar-Incheborun railway connects the Central Asia (Turkmenistan and Kazakhstan) to the Iranian rail network. It is a section of the railroad which extends from northwestern Iran to the Persian Gulf.
Russian Energy Minister Alexander Novak in a meeting with Iranian Telecommunication Minister Mahmoud Vaezi said: "One of the most important issues that has a negative impact on the development of our trade relations [with Iran] is the financial issue. Today, we paid attention to this, and also discussed a number of proposals to ensure that our joint projects will be financed properly."
"Iran is an important and large trading partner, we are now at a new stage, a new level of development of our relations," he added.
Edited by CN