Armenia to receive $400 million loan to build railway to Iran
08:09, 21 April 2009
YEREVAN. April 21. KAZINFORM. Armenia has reached an agreement with Iran on a $400 million loan for the construction of a railway between the two countries, the Armenian transport minister, Gurgen Sargsyan, said on Monday; Kazinform refers to RIA Novosti.
An agreement on the construction of the strategic route was signed by Armenia's Sargsyan and his Iranian counterpart, Hamed Behbahani, on April 14 in Tehran. A working group will take about three months to carry out a feasibility study.
"In addition, Armenia is in negotiations with the Asian Development Bank, the World Bank and other concerned parties," Sargsyan told journalists.
The construction of the 500-kilometer (310-mile) railway, with 60 kilometers (37 miles) in Iranian territory, is expected to take at least five years and cost $1.5-$1.8 billion; Kazinform cites RIA Novosti. See www.en.rian.ru for full version.