Russian bank loans over a billion euros to electrify railways in northern Iran


August 23, 2017 – Fort Russ News – by Paul Antonopoulos

Yusef Gheranpasha, the head of the Islamic Republic of Iran Railways northern network, has announced that a Russian bank has agreed to provide a billion euros to electrify the 500km railway route between Harmsar and Gorgan.

“With the agreement of the Russian bank to provide finance, the project will soon be put into the implementation phase and become operational within three years,” the official said without identifying the lender.

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This is set to become an important piece of Eurasian infrastructure as the railway line links Turkmenistan and Kazakhstan in Central Asia to the Persian Gulf, allowing the region to reach the Indian Ocean.

Different Russian institutes have pledged 5 billion for infrastructure investment. This comes as The World Bank announced to Reuters that it was not planning to finance projects in Iran.

“We are not considering financing any projects in Iran right now,” Reuters quoted an unnamed World Bank spokesman as saying Tuesday.

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