Tehran, May 17 (MRUD NEWS)—Following previous talks between Iran and Russia for construction of the strategic Rasht-Astara Railway, today Iran and Russia officially signed the agreement for financing this railway project along the International North-South Transport Corridor (INSTC) through a video-conference ceremony with presence of the Presidents of Iran and Russia. 

Due to the importance of the INSTC for international transit in the region, Russia has been determined to finance this railway project with approximate €1.6 billion investments. 

This project is expected to be constructed within 48 months. 

Iran has a good rail network from the Bandar Abbas in the south to Rasht in the north; however, the 162-km Rasht-Astara railroad has been the missing rail link along the International North-South Transport Corridor (INSTC) which its completion is vital for the regional rail transit.

Last night, Bazrpash met with Alexander Novak, Deputy Prime Minister of the Russian Federation and Vitaly Savelyev, the Minister of Transport to exchange the documents before being signed by the Presidents.

In the meeting, Bazrpash emphasized on taking advantage of current capacities for multimodal transport (maritime and rail transport) through the Caspian-Rasht Railway which will be operational within two months. 

Vitaly Savelyev said that completion of north-south rail corridor is of high importance which will be realized by construction of Rasht-Astara Railway through participation of Russia.

The International North-South Transport Corridor (INSTC) is an important multimodal transport route for freight transit between India, Iran, Azerbaijan, Russia, Central Asia and Europe.