Azerbaijan will provide Iran with 500 million euro worth of loan for completing the Rasht-Astara rail segment as part of the International North-South Transportation Corridor.
"Keeping in mind the mutual benefits of the Rasht-Astara railroad for the two countries, the government of Azerbaijan has agreed to finance the project," the deputy for planning and investment at RAI, Nourollah Beiranvand, said.
He dismissed recent rumors that suggested Baku would fully finance the Rasht-Astara segment.
Beiranvand said half of the required amount for completing the rail section will be provided by Azerbaijan and Iran is expected to provide the second half.
“The finance will come in the form of loan,” Beiranvand told Trend, adding that the invested sum will be later subtracted from the revenues of the project.
Beiranvand further said the Azerbaijani side has agreed to invest in the building of Astara Train Station and cargo terminals.
