Iran plans to attract foreign investment for Tabriz-Bazargan-Kars railway project, Tohid Akhlaghi, head of East Azerbaijan Province Department of Roads and Urban Development said.
The feasibility study on the project which will link Iran’s Tabriz city to Turkey’s Kars was done the last fiscal year (ended March 20), Akhlaghi said, Fars news agency reported March 29.
He further said that the necessary licenses for starting the project will be received during the current Iranian fiscal year.
The Iranian official further said that his department pursues finalizing the agreement for construction of Tabriz-Bazargan highway which will be implemented by participation of a Turkish investor.
Turkish company of Bergiz Insaat is to implement 65 percent of the project and the rest will be constructed by the Iranian government.
The highway which covers 253 kilometers is planned to connect the cities of Tabriz and Marand in East Azerbaijan province to West Azerbaijan’s city of Bazargan near the Turkish border. Bazargan border crossing is a major route through which Iran and Turkey trade.
The project which will be constructed in four phases is estimated to need $2 billion worth of investment.
A preliminary agreement for investment in the project was signed last year between Iran’s Ministry of Roads and Urban Development and Turkish Bergiz Company.
Akhlaghi said that the highway will be constructed within five years once the final agreement is signed.