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WorldPosted at: Nov 20 2018 7:36PM


Russia to open €3 billion credit line for North-South Transport Corridor, says Iranian minister

Tehran, Nov 20 (UNI) Iran’s Minister of Roads and Urban Development Mohammad Eslami said Russia has decided to open a €3 billion credit line to finance the international North-South Transport Corridor (NSTC) which connects India to Russia via Iran.
Iranian minister will be travelling to Russia to discuss Tehran-Moscow cooperation in the railroad industry within the framework of the NSTC.
The minister said " Russia has agreed to open a €3 billion credit line for development of the major railroad corridor projec, Tasnim news agency reported.
The Russian, Indian and Azeri officials will also hold a meeting, added minister.
NSTC project was conceived in September 2000 and later came into force in the year 2002 after being ratified by the three countries. Since then, 11 more nations joined the project: Armenia, Azerbaijan, Belarus, Bulgaria (observer status), Kazakhstan, Kyrgyzstan, Oman, Syria, Tajikistan, Turkey, and Ukraine,
The International North–South Transport Corridor is a 7,200-km-long multi-mode network of ship, rail, and road route for moving freight between India, Iran, Afghanistan, Armenia, Azerbaijan, Russia, Central Asia and Europe. The long corridor connects India to Russia through Iran’s southeastern port city of Chabahar.
According to The Diplomat magazine, INSTC will be 30% cheaper and 40% shorter than the existing routes.It is estimated that the corridor will facilitate carrying 20-30 million tonnes of goods per year.
UNI XC KPV 1934
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