Azerbaijan and Iran will jointly finance the construction of Rasht-Astara railway segment in northern Iran. Each of the two countries will cover 50 per cent of the needed investment for the construction of the railway section. according to Iranian Deputy Minister of Roads, Asghar Kashan, Azerbaijan will provide USD 500 million for the project.
This month, Iranian Cabinet agreed to receive a USD 500 million loan from Azerbaijan to implement the project.
The construction of the line will start in the first half of 2018 and will take three years. The opening of the 164-kilometer section is planned for 2020.
The new section, which is part of North-South Transport Corridor connecting Northern Europe with Southeast Asia, will serve as a transport link between railway networks of Azerbaijan, Iran and Russia.
Initially, 5 million tonnes will be transported on the railway section and the volume will increase to more than 10 million tonnes.
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