Draft Memorandum on Iran-Armenia railway construction was signed in Yerevan

PanARMENIAN.Net - On Mar. 3 in Yerevan a Draft Memorandum of Understanding on Iran-Armenia railway construction was signed by RA Transportation Communication Minister Gurgen Sarkissyan and Iran Road Transportation Minister Hamid Bihbahani. "RA President Serzh Sargsyan will sign the Memorandum during his visit in Iran this month," RA Transportation Minister said at the signing ceremony.

According to Suren Sarkissyan, the project is of significant regional importance. "To all probability, the mainline though Armenian territory will extend from city of Jermuk in the direction of Sevan lake," he said.

Upon signing the memorandum, the Iranian Minister noted that he railway will be 470 km long, with 410 km of the main line passing trough Armenia's territory. "The projects actually repeats the route of the Silk Road, in its railway edition," he said.

Bihbahani explained that 3-phased construction works are planned, involving project feasibility studies ( up to 1,5 years) route determination , map drawing (up to 1,5 years) and, finally, the construction (3 to 4 years). Thus, Iran-Armenia railway construction is expected to be completed in 5 years

According to him, budget expenditures will total around $1 billion. "Construction credits are being actively negotiated with WB and the Asian Bank," said Iranian Minister adding that Russia takes major interest in the project and will probably be ready to invest.