Baku to allocate $500 million to Tehran for North-South route construction

Azerbaijan will give Iran a credit for $500 million to boost the construction of the North-South transport corridor, Iranian Minister of Communication Mahmoud Vaezi said, Sputnik International reports.

"The construction of the Rasht-Astara railway requires about a billion dollars of investment, $500 million of which will be allocated in the form of a loan by Azerbaijan. Azerbaijan’s credit will significantly accelerate the implementation of the North-South project," Vaezi said Friday, as quoted by the Azerbaijani Trend news agency.

He added that Iran had finished 92 percent of infrastructure works along the Qazvin-Rasht route, which will be completed by the end of this year.