$12b in finance to be finalized for transport projects

Almaty. October 10. Silkroadnews – Iran will allocate $12 billion to implement its transport projects, the Iranian Telegraph Agency (IrTAG) reported referring to the Teheran Times newspaper.
“Iranian Deputy Transport Minister Asghar Fakhrieh Kashan announced that allocation of $12 billion of finance is to be finalized for being used in transport and urban development projects,” the report said.
It is noted that while allocating an approved budget of $55 billion, out of $30 billion to be shared between various ministries’ projects $10-12 billion would have been allocated to the Ministry of Transport.
According to Fakhrieh Kashan, Iran is going to conclude a €1.2 billion agreement with Russia on electrification of the Garmsar-Inche Boroun railway. In addition, negotiations are under way to allocate a $500 million loan from Azerbaijan for the construction of the Rasht-Astara railway. Negotiations with the Chinese Exim Bank on electrification of the Tehran-Mashhad railway have already been completed.
Reportedly, the Iranian Ministry of Transport is also discussing the receipt of €8 billion from South Korea to build the electrified double-track railway Isfahan-Ahvaz and construction of the Chabahar-Zahedan railway.