A Russian delegation is in Iran to review the possibility of making investments in the construction project of a strategically important Rasht-Astara railroad in northern Iran.
Deputy Minister of Road and Urban Development Kheirollah Khademi said on Wednesday that some €800 million is required for the completion of Rasht-Astara railway, while noting that Iran will not wait for Russia and China to provide the needed finance.
Around 220 trillion rials ($656 million) are needed to complete the construction of Rasht-Astara railroad, says the CEO of the Construction and Development of Transportation Infrastructures Company.
Representatives of Iran, Russia and Azerbaijan have reached an agreement on the development of the western branch of the strategically important International North-South Transit Corridor (INSTC).
A declaration on the development of the International North-South Transport Corridor (INSTC) was signed following the first Iran-Azerbaijan-Russia tripartite meeting in Baku on Friday, News.Az reports.
Iran, Azerbaijan, and Russia are going to invest in the construction of the Rasht-Astara Railroad project jointly which is part of the highly strategic International North-South Transport Corridor (INSTC).
A delegation from the Russian Federation has travelled to Iran to discuss ways to participate in Rasht-Astara railway.