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FinancialNews
18-05-23
Iran, Russia Sign Deal for Rasht-Astara Railway, Advancing International North-South Transit Corridor
(MENAFN) Iran and Russia have signed an agreement for the construction of the Rasht-Astara railway, marking a significant step in the development of the International North-South Transit Corridor (INSTC). The agreement was signed in a virtual ceremony attended by the presidents of both countries. The Iranian Transport and Urban Development Ministry's portal reported that the aim of this agreement is to enhance connectivity and facilitate trade along the INSTC.
Under the terms of the agreement, Russia will invest 1.6 billion euros in the construction of the railway route. This investment signifies Russia's commitment to strengthening its partnership with Iran and supporting the development of crucial transportation infrastructure. The Rasht-Astara railway will play a vital role in facilitating transportation between Iran and Russia, as well as other countries along the INSTC.
Earlier this year, Iranian Transport and Urban Development Minister Mehrdad Bazrpash met with Igor Levitin, the Russian president's special envoy, to discuss the progress of railway cooperation between the two nations. During their meeting, they emphasized the importance of accelerating the development of the INSTC and explored opportunities to expand their collaboration in various railway projects.
The signing of the agreement highlights the commitment of Iran and Russia to foster closer economic ties and regional integration. The INSTC is a major transit corridor that aims to connect the Indian Ocean and the Persian Gulf to the Caspian Sea via Iran, Russia, and other countries in the region. It is envisioned as a crucial route for trade and transportation, offering a shorter and more efficient path for goods to reach Europe, Central Asia, and beyond.
MENAFN18052023000045014228ID1106268926
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