Iran says €800M needed to complete Astara-Rasht railway

Iran needs 800 million euros to complete the construction of the Astara-Rasht railway section, which is part of the International North-South Transport Corridor (INSTC), Deputy Minister of Roads and Urban Development of Iran Khairullah Khademi said, Report informs via ISNA.

"Astara-Rasht is the top priority among railway projects... We need 800 million euros to complete this project," he said.

According to Khademi, technical work and engineering studies have been completed, and information has been sent to contractors who have expressed their willingness to participate. It can start as soon as financial support appears.

Also, according to the deputy minister, Iran expects to receive a response from the Russian side within the following weeks. The Iranian official explained that Tehran would like to receive funds from Moscow on loan or in the form of the implementation and operation of this project by the Russian private sector. At the same time, Iran is ready to consider other funding sources.

"Russian specialists received technical documentation and studies from the Iranian side, and carried out a technical inspection. At the moment, the Iranian side is waiting for news from Moscow on prices and the procedure for starting work," the deputy minister added.

Astara-Rasht is part of a multimodal route from St. Petersburg to the port of Mumbai (India), with a length of 7,200 kilometers. It is an alternative to the sea route connecting Europe, the countries of the Persian Gulf and the Indian Ocean through the Suez Canal. There are three INSTC routes: Trans-Caspian (using railways and ports), Western and Eastern (overland).

Iran signed an agreement on the Astara-Rasht railway construction project back in 2005. The active stage of construction began only in 2018.