The implementation period for the project for the construction of the Rasht-Astara railway section, connecting the land sections of the International North-South Transport Corridor, is five years with proper funding, Deputy Minister of Roads and Urban Development of Iran Kheirollah Khademi said, Report informs referring to Tasnim.
“The construction of the missing 162 km section can be completed within five years if financial resources are provided,” he noted. The deputy minister added that funds for construction are provided by Russia.
On May 17, 2023, the Russian Federation and Iran signed an agreement on the joint construction of the Rasht-Astara railway section with a length of 170 km, which will connect the land sections of the International North-South Transport Corridor and increase the economic efficiency of the trans-Caspian route.
Russia is allocating an interstate loan to Iran for 1.3 billion euros for the implementation of the project for the construction of the railway section, while the total cost of the project is estimated at 1.6 billion euros.The Russian authorities expect that the project can become an alternative to the Suez Canal, allowing for end-to-end transport route for the sale of supplies both in transit to Europe and from Russia to the Persian Gulf. Now the project unites several different transport systems of individual states.