The International Bank of Azerbaijan signed a deal with Iran on the allocation of a $500-million loan for the construction of the Rasht-Astara railway section, Azerbaijan’s Deputy Minister of Roads and Urban Development Ali Noorzad said.
According to the deputy minister, the generalities have been agreed, and the sides are currently discussing details and loan conditions.
The expected costs of the Rasht-Astara railway section construction amount to about $1.1 billion.
The Rasht-Astara railway is part of a larger North-South Transport Corridor project, which aims to connect India, Russia, Iran, Europe and Central Asia.
Share on:
