Baku, Azerbaijan, Nov. 1
By Fatih Karimov – Trend
A German company has signed a deal to finance development project of Iran’s Shahid Rajaee Port, Mohammad Saeednejad, the Islamic Republic’s deputy minister of road and urban development, said.
Saeednejad, who heads Iran’s Ports and Maritime Organization, said that the German company will invest 104 million euro for the development project, Mehr news agency reported Nov. 1.
He did not unveil the German company’s name.
Saeednejad further said that a line of credit (LC) has been opened and the needed equipment for the project will be supplied by December.
Shahid Rajaee is the most strategic port of Iran. Located in southern Iran, nearby coastal city of Bandar Abbas, Shahid Rajaee port is the main container traffic port of Iran and 44th among world's container traffic ports.
Iran relies on container and bulk carriers to transport much of its basic needs, including food, medicine and other consumer goods.
Saeednejad earlier said that investment, implementation and management projects related to the container terminals of Shahid Rajaee port is vital for the Ports and Maritime Organization.
The organization has it on the agenda to increase the current 209 million-ton capacity of the country’s trade ports to 217 million tons.
Iran’s Ports and Maritime Organization eyes to attract about $850 million worth of foreign and domestic investments this fiscal year (started March 20, 2016).