News Details :
News Details:
Headline : Azerbaijan,Iran Islamic Republic of : US$500 million rail loan for Iran
Summary : Iran's deputy Minister of Road and Urban Development Ali Noorzad has announced a US$500 million loan from the Republic of Azerbaijan for construction of a railroad in the northern part of the country to connect with Azerbaijans rail network.

According to Ali Noorzad, the loan will be granted by the International Bank of Azerbaijan for completion of a rail link to the Iranian northern cities of Rasht and Astara at an estimated cost of US$1.1 billion.

Ali Noorzad said, Azerbaijans Economy Minister Shahin Mustafayev visited Iran in May, familiarized himself with the course of implementation of the Qazvin-Rasht- Astara railway project and now we are discussing the cooperation between Iran and Azerbaijan on construction of the Rasht-Astara section.