Baku to Allocate $500Mln to Tehran for North-South Route Construction

Iranian Minister of Communication Mahmoud Vaezi said that Iran had finished 92 percent of infrastructure works along the Qazvin-Rasht route, which will be completed by the end of this year.

BAKU (Sputnik) — Azerbaijan will give Iran a credit for $500 million to boost the construction of the North-South transport corridor, Iranian Minister of Communication Mahmoud Vaezi said.

"The construction of the Rasht-Astara railway requires about a billion dollars of investment, $500 million of which will be allocated in the form of a loan by Azerbaijan. Azerbaijan’s credit will significantly accelerate the implementation of the North-South project," Vaezi said Friday, as quoted by the Azerbaijani Trend news agency.

He added that Iran had finished 92 percent of infrastructure works along the Qazvin-Rasht route, which will be completed by the end of this year.

The Qazvin-Rasht-Astara railway is part of the North-South Transport Corridor project, which aims to reduce the costs and the time of ship, rail and road deliveries to and from Russia, India, Iran, Azerbaijan and other countries located along the route.