(MENAFN - Trend News Agency ) Tehran, Iran, October 23
By Mehdi Sepahvand –- Trend:
An Iranian delegation is planned to visit Baku, Azerbaijan in the coming weeks in order to discuss the funding of an international railway project, according to Abbas Nazari, the director for international affairs at the Islamic Republic of Iran Railways (RAI).
The talks will serve the two countries to draft the text of the $500 million agreement that will oversee completing the Rasht-Astara section of the North-South Corridor, Nazari said, RAI public relations office told Trend Oct. 23.
The official noted that the Astara-Astara section (from Iranian city of Astara to the Azerbaijani city with the same name) of the railroad is under construction with a $60 million finance.
The upcoming talks, he explained, will serve building the remaining section from Rasht to Astara (Iran), which is 164 kilometers long.
The talks will be held during a trip to Baku by Minister of Finance Masoud Karbasian, Nazari said, adding the two sides have already agreed on the general framework of the deal.
The Astara-Astara section of the North-South Corridor consists of a 2 km railroad in the Iranian territory, an 8 km railroad in the Azerbaijani territory, and a bridge over the Astarachay River (which is being built jointly by Iran and Azerbaijan).
The strategic North-South Corridor, when completed, will cut the Mumbai-Moscow cargo travel time from 40 to 14 days.