Economy, Business And Markets

Baku to Allocate $500m for Railroad Project

Baku to Allocate $500m for Railroad ProjectBaku to Allocate $500m for Railroad Project

Azerbaijan will grant Tehran $500 million in credits for the construction of the North-South transport corridor, Iran’s Minister of Communications Mahmoud Vaezi said.

“Construction of the Rasht-Astara railroad requires about a billion dollars, $500 million of which will come in the form of credits from the Republic of Azerbaijan. The measure will apparently help accelerate implementation of the North-South project,” Vaezi said Friday, the republic’s Trend News Agency reported.

Iran has completed almost 90 percent of infrastructure works along the Qazvin-Rasht route that will fully completed by the end of the year.

The Qazvin-Rasht-Astara railway is part of the North-South Transport Corridor project, which aims to reduce the cost and time of cargo delivery by ship, rail and road to/from Russia, India, Iran, Azerbaijan and other countries along the route.