Iran Armenia railway project in search of investors

The project for building an Iran-Armenian railway has significantly advanced and the search for investors is underway. The General Director of South Caucasus railways, (formerly Armenian railways), Shevket Shaidulin discussed this on April 14. It is thought that the major investor interest will be from Iran and Russia. If the money is found the first stage of construction could start in 2012. This project was negotiated and started in 2007. The length of the railway track will be 470 km of which 60 km is in Iran and 410 in Armenia. In 2009 Iran stated that it was ready to issue USD 400 mln worth of credits to Armenia and completely finance the Iranian segment of railways, serious interest in the project was expressed by the World Bank and the Asian Development Bank.