Deputy Minister of Road and Urban Development, Ali Noorzad, has announced a USD 500 million loan from the Republic of Azerbaijan to construct a railway in the northern part of the country to connect with Azerbaijan’s rail network.
Noorzad says the loan will be provided by the International Bank of Azerbaijan to complete the rail link to the Iranian northern cities of Rasht and Astara at an estimated cost of USD 1.1 billion, Iran’s official news agency Tasnim informs.
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