BAKU, Azerbaijan, April 23. Russia's Transport Minister Vitaly Savelyev has detailed the railway project in Azerbaijan and Iran as part of the development of the International North-South Transport Corridor (INSTC), Trend reports via Russian media.
"The Azerbaijani side is improving their portion of the INSTC, which now allows for the transfer of up to seven million tons of freight each year. We hope to boost freight flow to 15 million tons or more. It all depends on the cargo base that will travel this route," he said.
Regarding the work in Iran, it concerns the Rasht-Astara railway section, which is 162 kilometers long.
"We are working on the Rasht-Astara section and expect to complete this work by 2027-2028," the minister added.
To note, Russia, through VTB Bank, provides Iran with a loan in an amount equivalent to 1.3 billion euros for the construction of the Rasht-Astara railway section, the operation of which will allow the INSTC to access the Persian Gulf, which is important for transporting goods for all participants on this route.
Iran itself is ready to allocate the equivalent of 300 million euros to this railway segment and has also named 2028 as the deadline for completing work on the Rasht-Astara section.
The INSTC has been developing since 2000, with 14 countries participating in it.