Iran approves $1.249B foreign investment for freeway project

Business Materials 23 June 2015 12:09 (UTC +04:00)

Baku, Azerbaijan, June 23

By Fatih Karimov - Trend: Iran has approved $1.249 billion foreign investment for building the Tabriz-Marand-Bazargan freeway in the northwest of the country.

The plan was approved by the Organization for Investment, Economic and Technical Assistance of Iran (OIETAI), the Iranian finance and economic news network (SHADA) reported June 23.

Construction of the freeway is estimated to take five years. The project will boost job creation and will expand road transport infrastructures in the northwestern part of the country. It will help Iran increase export and transit of goods, as well.

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