Russia intends to invest $1.5 bln in the construction of the International North-South Transport Corridor (INSTC) until 2030, the Ministry of Transport said in a presentation, its authenticity was confirmed to Vedomosti by a source close to the ministry.
According to the presentation, Russian Railways is expected to assist in the development of the corridor connecting India, Iran, and Russia by constructing a line from the border city of Astara in Azerbaijan to the city of Rasht in Iran and electrifying the Garmsar-Inche Burun line in Iran.
According to the Institute for Economics and Transport Development, the volume of cargo transportation along the Russian section of the INSTC in 2020 reached 6.3 mln tonnes. The estimated capacity of the corridor is up to 30 mln tonnes of cargo per year.
The construction of the railway from Rasht to Astara will boost freight traffic along the corridor by 3-10 mln tonnes per year, the Transport Ministry said in the presentation.
