Completion of Key INSTC Rail Project Requires $656 Million
EghtesadOnline: round 220 trillion rials ($656 million) are needed to complete the construction of Rasht-Astara railroad, says the CEO of the Construction and Development of Transportation Infrastructures Company.
Kheirollah Khademi added that the government is working to procure this amount through local or foreign investment, the news portal of the Ministry of Roads and Urban Development reported.
“Russia has shown readiness to invest in this project. Expert Russian teams have visited the railroad’s site and we have given them the project’s technical data. They are to respond within a month,” he said, adding that the Iranian side is waiting for the Russian side to announce its preferred mode of financial engagement in the project, which would either be in the form of a government loan, joint investment, or financing.
The 164-km Rasht–Astara railroad has faced years of problems in terms of construction and implementation. The main obstacle has been financing, particularly due to the United States’ sanctions on Iran.