A contract for the construction and commissioning of the railroad of the Araz Free Trade and Industrial Zone was signed in East Azerbaijan Province of Iran, Safar Shasafand, deputy director for economy and investment at Araz Free Trade and Industrial Zone, told journalists, Trend reports referring to IRNA.
According to Shasafand, the contract is worth 700 million euros. Under the contract awarded to an Iranian-European Consortium, a 204-kilometer railway to be constructed for the Araz Free Zone Organization in East Azerbaijan Province of Iran.
"The construction of the railroad will take five years. As expected, the railroad will be managed by a private sector investor for 25 years. After that, the railroad will be handed over to the Islamic Republic of Iran Railways," he said.
Shasafand added that it will likely be possible to transit 1.53 million tons of cargo during the first year and 10.76 million tons in 20 years.
"During its first year of commissioning, the railroad will be able to carry 101,000 passengers, and this figure will increase to 209,409 passengers in 20 years," he said.
This railroad will help connect Iran to CIS countries again through Azerbaijan. Thus, Iran will reestablish its railway and trade relations with various countries and be a gateway to foreign markets.
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