https://sputnikglobe.com/20230517/russian-deputy-pm-novak-reveals-details-of-ambitious-eurasian-trade-route-1110423788.html
Russian Deputy PM Novak Reveals Details of Ambitious Eurasian Trade Route
Russian Deputy PM Novak Reveals Details of Ambitious Eurasian Trade Route
Sputnik International
Russian Deputy Prime Minister Alexander Novak told Sputnik about the details of financing the construction of Rasht-Astara railway route.
2023-05-17T17:12+0000
2023-05-17T17:12+0000
2023-05-17T17:12+0000
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Speaking about the total project cost of 1.6 billion euros, Novak noted that 85% of this amount consists of funds from an intergovernmental loan, stating "15% represents funds that will be allocated directly by Iranian partners and colleagues. Traditionally, the loan period is 15 years."Regarding Azerbaijan's participation in the project, Alexander Novak stated that a trilateral intergovernmental agreement between Russia, Iran, and Azerbaijan is currently being worked out. He explained:The Rasht-Astara railway route is part of the International North South Corridor, a 7,200 kilometer trade route that connects Russia to India through Iran. The corridor will reduce transportation time by 40% and costs by 30% compared to the traditional Suez Canal route, according to a study by India’s Federation of Freight Forwarders Associations. A 2022 study from the Russian Journal of Economics has estimated that the route’s annual cargo capacity will reach 15-25 million tons by 2030.President Vladimir Putin has repeatedly referred to the International North South Corridor as one of Russia’s top global infrastructure projects.
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rasht-astara railway, russia-iran cooperation, russia-iran route, russia-india rout, are russia and india connected
rasht-astara railway, russia-iran cooperation, russia-iran route, russia-india rout, are russia and india connected
Russian Deputy PM Novak Reveals Details of Ambitious Eurasian Trade Route
Exclusive
Russian Deputy Prime Minister Alexander Novak told Sputnik about the details of financing the construction of Rasht-Astara railway route – a move that brings the prospect of a Eurasian alternative to the Suez Canal closer to reality.
Speaking about the total project cost of 1.6 billion euros, Novak noted that 85% of this amount consists of funds from an intergovernmental loan, stating "15% represents funds that will be allocated directly by Iranian partners and colleagues. Traditionally, the loan period is 15 years."
Regarding Azerbaijan's participation in the project, Alexander Novak stated that a trilateral intergovernmental agreement between Russia, Iran, and Azerbaijan is currently being worked out. He explained:
"The agreement signed today is bilateral because it pertains to the construction of the railway section exclusively on the territory of Iran with the participation of Russian companies and Russian financing. However, when we talk about the western route of the North-South Corridor through the territories of Russia, Iran, and Azerbaijan, as you may recall, we signed the corresponding memorandum in Baku on September 9, 2022, which states that the transport corridor should have a capacity of 15 million tons".
"Currently, the work is underway to develop a trilateral intergovernmental agreement between Russia, Iran, and Azerbaijan on the implementation of this project. This process is running parallel to the bilateral agreement because we need to complete the construction of the section while ensuring the passage of a cargo flow of no less than 15 million tons through the territories of each country. There are certain narrow sections that will be reconstructed to accommodate this volume of cargo".
The Rasht-Astara railway route is part of the International North South Corridor, a 7,200 kilometer trade route that connects Russia to India through Iran. The corridor will reduce transportation time by 40% and costs by 30% compared to the traditional Suez Canal route, according to a study by India’s Federation of Freight Forwarders Associations. A 2022 study from the Russian Journal of Economics has estimated that the route’s annual cargo capacity will reach 15-25 million tons by 2030.
President Vladimir Putin has repeatedly referred to the
International North South Corridor as one of Russia’s top global infrastructure projects.
