Tehran, Baku finalize significant deal to finance railway project (Exclusive)

2017-10-27 07:15:00

(MENAFN- Trend News Agency ) Baku, Azerbaijan, Oct. 27

By Farhad Daneshvar – Trend:

Iranian officials from Central Bank, Economic Affairs and Finance Ministry, as well as railways during a recent meeting in Baku have agreed with Azerbaijani counterparts on the terms of a significant deal on financing the Rasht-Astara railway, a senior official told Trend.

Hussein Yaghoubi, the general director of international affairs at the Central Bank of Iran, said that under the recent agreement Azerbaijan has agreed to provide $500 million in loan for the construction of the 164 kilometers long railway.

He added that an official ceremony for inking the deal will be held in the near future in Tehran.

Iranian Finance and Economic Affairs Minister Masoud Karbasian heading a high ranking economic delegation arrived in Baku on Oct. 26 on a two-day official visit to discuss bilateral economic ties.

The Rasht-Astara railway is a part of the North-South transportation corridor and the strategic corridor is expected to fully come on stream after the construction of the railway segment.

In the meantime, construction of the Rasht-Astara railway has a key role in fulfilling the plans for connecting the railway systems of Iran and Azerbaijan.

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