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EghtesadOnline: An Iranian public bank has been chosen to finance the Mianeh-Ardabil railroad project worth 7.5 trillion rials ($178.57 million), the CEO of Iran’s Transportation Infrastructure Construction and Development Company said.

“This is the first time a local bank has been trusted with financing a rail infrastructure project [in Iran],” Kheirollah Khademi was also quoted as saying by Mehr News Agency.  The name of the public bank was not disclosed.

The official added that the financer’s interest rate proposal and the contract draft have been sent to the Plan and Budget Organization and the project will commence as soon as it is approved.

Mianeh-Ardabil railroad is 175 kilometers long, which consists of two sections. The first section connects Mianeh to Firouzabad (79 km) and the second stretches further from Firouzabad to Ardabil (96 km), according to Financial Tribune.

The route passes through mountainous terrain, which makes the project challenging and demands sophisticated engineering expertise.

 

Mianeh-Ardabil Rail Project