Russian Railways and Iran signed the contract on Garmsar – Ince Burun electrification project, estimated at EUR 1.2 billion, TASS reports. The project will be financed by state export credit of the Russian government to Iran, the company said.
In January 2014, during a meeting, Iran proposed to Russian Railways to participate in infrastructure projects that will be launched by Iran. The electrification of Garmsar – Ince Burun was on the priority list of the projects.
The length of Garmsar – Ince Burun railway line is 495 km.
During a meeting with Iranian President, Hassan Rouhani, Russian President Vladimir Putin announced in November can provide Iran USD 5 billion to promote industrial cooperation and another USD 2 billion export loan can be granted by Russian state lender Vnesheconombank. According to Putin, the two countries have selected 35 priority projects in energy, port facilities, and railway electrification.
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