After officials from Iran and Russia inked a memorandum of understanding (MoU) for the construction operation of the Rasht-Astara Railway, a trade contract for the project is on the verge of finalization, an official said.
Deputy Minister of Roads and Urban Development Abbas Khatibi told IRNA on Monday that negotiations continue for the conclusion of the contract for the construction operation of Rasht-Astara Railway.
The construction operation of this railway project will start by the end of the current Iranian calendar year (to end March 20, 2024), the official said.
Khatibi added that his company was duty-bound to hold talks with the Russian side to finalize the trade contract after the agreement was inked between Iran and Russia for the construction operation of this railway project.
According to the agreement, the Russian side was committed to finance the project, he noted.
The model of the trade contract will be finalized within the next few months, he said.
He went on to say that the construction operation of the Rasht-Astara railway project is planned to be completed within the next three years, and one million passengers as well as 10 million tons of cargo will be transported in the first year of the operation of the railway.
The project can bring about $20 billion for the country annually, the deputy roads minister added.